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JB’s on the Beach site hits the market for $18M
The site includes a nearly 1-acre parking lot that could be redeveloped into a mixed-use project
UPDATED, Jan. 31, 2019, 11:20 a.m.: The site of one of Deerfield Beach’s most popular restaurants hit the market for $18 million.
Native Realty, led by Jaime Sturgis, is listing the oceanfront restaurant JB’s on the Beach at 300 Northeast 21 Avenue, along with a nearly 1-acre parking lot across the street. The parking lot could be redeveloped into a mixed-use project with a boutique hotel, retail or office component, Sturgis said.
New York-based Ark Restaurants purchased the restaurant JB’s on the Beach last year, and the restaurant is not part of the sale offering. JB’s on the Beach has a lease for the site with 19 years remaining, Sturgis said.
Boyle Beach House LLC, led by John Boyle, is the owner of the restaurant site, according to property records. The entity purchased the restaurant for $3 million in 2000, while an affiliated entity bought the parking lot across the street for $3.4 million in 2003, records show.
Sturgis said the property is getting interest from local investors and family offices, as well as from institutional firms. He said investors are seeing the development as a generational asset to hold long term.
“The vast majority of these types of sites in Deerfield Beach have already been developed. It makes it that much more unique,” Sturgis said.
Deerfield Beach has historically been a quiet beach city just south of the Palm Beach County border, but the area is seeing an increase in residential activity in recent years. In the past year, the city has issued more than 11,000 building permits totaling nearly $1 billion in construction over the past year, according to a release.
Last year, Toll Brothers broke ground on a 201-unit townhome community on the former Century Village golf course in Deerfield Beach.