Waterfront office and restaurant complex is part of popular tourist destination
Aegon USA is selling the Marina at John’s Pass retail and office complex in Madeira Beach, a part of Pinellas County’s most popular tourist attraction.
The New York-based investment firm has retained commercial real estate brokerage Cushman & Wakefield to market the property for sale at $18.5 million.
The 138,715-square-foot, mixed-use building — with an attached 325-space parking garage — is roughly 81% occupied by restaurants the Friendly Fisherman, Bubba Gump Shrimp Co. and Hooters, together with Kilwin’s Chocolates, Waves Apparel, Gray Jewelers, PJS Cruises and others. Friendly Fisherman has been a part of the waterfront complex since it opened in 1978.
The property was expanded and upgraded beginning in 2005.
The 179 Boardwalk Place West complex, which is part of the larger John’s Pass Village and Boardwalk — the county’s most popular tourist destination — has received a series of upgrades in the past year to its façade, windows and doors.
In addition to the retail space and six-level parking garage, the Marina property also contains a handful of boat slips that will be part of the sale along with the potential for five more.
Patrick Berman, a Cushman & Wakefield managing director who together with Managing Director Jason Donald and firm associate Todd Tolbert are selling Marina at John’s Pass, says Aegon has invested in the property and that it has a considerable upside potential.
“They have added a lot of value in the form of financial improvements and they’ve dredged a portion of silt from around the property to help the boat slips,” says Berman. “They’ve spent at least $500,000, and in this case, it’ll be nice for a new owner to have some upside potential.”
Aegon affiliate LCS Associates LLC has owned the property for six years, records show.
The property’s second-floor office space is currently vacant, Berman says, but could be converted to multifamily residential. Donald says hotel rooms or apartments could be built above the property’s parking garage, as well.
“I think this will be sold to someone local, because it’s a property that needs a hands-on approach, it’s fairly management intensive,” he says. “But it’s Internet-insulated, you can’t replace a property like this or the experience it offers online. You can’t have a cocktail and watch the sunset online, for instance. This is a unique asset, and its waterfront location makes it rare also.”