Mixed-Use Property in Madeira Beach, FL, has a Diverse Tenant Mix Including Restaurants: Bubba Gump Shrimp Co., Hooter’s and Friendly Fisherman
TAMPA, FL, May 8, 2018 – Cushman & Wakefield is pleased to offer for sale The Marina at John’s Pass, a mixed-use waterfront property in Madeira Beach, one of the Tampa Bay area’s most popular beach cities. The property contains 138,715 square feet, including a parking garage, and is leased to restaurants, shops and tourism-related businesses.
The Retail Investment Advisory Team of Managing Director Jason Donald, Managing Director Patrick Berman and Associate Todd Tolbert are marketing the property for sale on behalf of the owner, LCS Associates, LLC.
The Marina at John’s Pass is part of John’s Pass Village & Boardwalk, which is the top tourist destination in Pinellas County. It is well-positioned in a high-traffic, densely populated area, with frontage along Gulf Boulevard, which runs north to south, connecting Tampa Bay’s beaches, with a traffic count in excess of 20,000 vehicles a day.
The property is 81 percent occupied with a dynamic mix of tenants that are considered “internet-resistant,” or non-threatened by the rising popularity of eCommerce, due to their experiential nature. Restaurant tenants include Bubba Gump Shrimp Co., Hooter’s and the Friendly Fisherman restaurant, which has been a tenant at John’s Pass Village since it first opened in 1978. Other tenants include Waves Apparel, Kilwin’s Chocolate, Gray Jewelers, PJS Cruises and several smaller local businesses.
In addition to restaurant and retail space, The Marina at John’s Pass contains office space, boat slips and a 325-space parking structure, which generates substantial revenue.
Recent renovations to the property include upgrades to the parking structure, boat slips / dock area, and the replacement of facades, windows and doors.
“The Marina at John’s Pass is a Tampa Bay landmark with an irreplaceable waterfront location and notable tenants that draw both locals and tourists,” said Donald. “The property offers stable, in-place income, as well as several opportunities to increase revenue, such as fully leasing the property, or by constructing space for residential units or hospitality uses above the existing parking garage.”
The Marina at John’s Pass is located at 179 Boardwalk Place West, at the southeast corner of Gulf Boulevard and 129th Avenue West. It is situated six miles from the Pinellas Bayway, which provides direct access to Interstate 275. The property is situated nine miles west of Downtown St. Petersburg.
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Communications Specialist, Florida