Restaurant property in Palm Beach sells for about $26M

Frisbie Group says it bought the oceanfront location of the shuttered Charley’s Crab restaurant in Palm Beach for about $26 million.

Charley’s Crab closed its Palm Beach location at 456 South Ocean Boulevard on Monday after operating there for 40 years.

Suzanne Frisbie, a principal of Frisbie Group, told the Palm Beach Daily News that the company may build five townhouses on the site of the restaurant and a house on an adjacent vacant lot that was part of the sale.

BCD Investors, a limited liability partnership, sold the 1.2-acre restaurant property, which has 280 feet of frontage on the ocean, and the vacant lot.

BCD paid $3.3 million in 1992 for the site of the 9,000-square-foot building that housed Charley’s Crab and the vacant lot just west of the restaurant’s parking lot.

Palm Beach-based Frisbie Group paid $30.7 million in October for a nearby commercial building at 125 Worth Avenue. [Palm Beach Daily News] – Mike Seemuth