Franklin Street, a full-service commercial real estate firm, recently sold a two-story, 26,258-square-foot retail building in North Palm Beach that will soon be home to Palm Beach County’s first Nautical Ventures superstore. The site, which includes the building and nearly an acre of land, was purchased for $2.5 million or nearly $100 per square foot.
Franklin Street’s Greg Matus, regional managing partner-South Florida, and Pete Crane, retail investment associate, represented the seller, a private company based in Tampa. Matus and Crane secured the buyer, Nautical Ventures Marine LLC, within two months of listing the site, and closed on the sale two months after that. Jason Block, a principal of J.D. Block Services, Inc. represented the buyer.
A marina previously occupied the site, which is located near U.S. 1 and Northlake Boulevard and fronts the Earman River that feeds into the Intracoastal Waterway. Nautical Ventures received 66 dry boat racks and 10 wet slips as part of their purchase, many of which are leased out.
“This is a very special location that has great visibility from both the land and water,” said Crane, who handles retail property transactions for Franklin Street in Palm Beach County. “It’s a high-quality asset in a diversified marketplace that includes both residential and office in the immediate vicinity. I anticipate the new owner will do very well here.”
Dania Beach-based Nautical Ventures sells sailboats, kayaks, stand-up paddle boards, pedal boats, water skis and other water sports equipment and marine supplies. The retailer has the largest selection of new and used watersports equipment from the world’s top brands.
The company is doing a major renovation of the showroom, which should be open to the public next month.
The site is located at 139 Shore Court, North Palm Beach, FL 33408.
About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, Management and Valuation—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.