UPDATED, March 30, 4:40 p.m.: JB’s on the Beach oceanfront restaurant site in Deerfield Beach sold for $11 million, more than a year after it hit the market for $18 million.
The buyer is Sandcastle 1, led by Miami-based real estate investor Ronny Finvarb, with Ark Restaurants as minority member. Ark already owns and runs the restaurant business. Sandcastle 1 bought the 1.5-acre property from Boyle Beach House, led by John Boyle, according to a news release.
JB’s on the Beach includes a 9,777-square-foot building at 300 Northeast 21st Avenue and a nearly one-acre parking lot across North Ocean Drive.
Boyle Beach House bought the restaurant building in October 2001 for $3 million, and three years later paid $3.4 million for the parking lot across the street, deeds show.
Jaime Sturgis, founder and CEO of Native Realty in Fort Lauderdale, listed the property in January 2020 on behalf of Boyle Beach House.
New York-based Ark Restaurants, a publicly traded operator of restaurants and bars, bought JB’s on the Beach’s restaurant business in 2019, according to published reports.
In September, hotel real estate investment trust CorePoint Lodging sold a 79-key La Quinta in Deerfield Beach for $5.7 million.