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News in Brief: Nautical Ventures

Franklin Street managed the $2.5 million sale of a two-story, 26,258-square-foot retail building at 139 Shore Court in North Palm Beach, which will become Nautical Ventures superstore. FranklinSt.com

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Franklin Street Sells 26,258 SF Waterfront Retail Site in North Palm Beach for $2.5M

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.

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Investors Still Keen on South Florida

Interest rates could go up this month, but when it comes to South Florida, real estate investors won’t be fazed: the market’s too strong. That’s why we’re excited to present BisNow’s 3rd annual South Florida State of the Market beginning at 7:30 a.m. on Sept. 22 at Soho Studios.

“I expect investor interest to remain strong even if interest rates rise a bit, mainly because there’s still scarcity and competition to acquire high-quality real estate,” Franklin Street regional managing partner for South Florida Greg Matus, who will be speaking at the event, tells us. “I also anticipate that rents will continue to rise, at least for the short term, which will keep values up.”

Recently Franklin Street repped the Tampa-based seller of a 26k SF building at 139 Shore Court, near US 1 and Northlake Boulevard in North Palm Beach, which will house a Nautical Ventures marine store. The Northlake marina property includes 66 dry boat racks and 10 wet slips. It will be the first Palm Beach County location for Diana Beach-based Nautical Ventures, with the store expected to open this year. Hear more about the market at BisNow’s 3rd annual South Florida State of the Market beginning at 7:30 a.m. on Sept. 22 at Soho Studios. Sign up here.

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Nautical Ventures buys North Palm site

A 26,000-square-foot building in North Palm Beach that will house a Nautical Ventures marine store has sold for $2.5 million, $1 million below the list price.

The Northlake Marina property is at 139 Shore Court, near U.S. 1 and Northlake Boulevard. The deal included 66 dry boat racks and 10 wet slips. The Franklin Street commercial real estate firm represented the Tampa-based seller.

This will be the first Palm Beach County location for Diana Beach-based Nautical Ventures. The store is expected to open this year.

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Nautical Ventures coming to North Palm

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 soon will 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.

Nautical Ventures received 66 dry boat racks and 10 wet slips as part of its purchase. Many of those are leased out. The company is doing a major renovation of the showroom, which should be open to the public next month.

Dania Beach-based Nautical Ventures sells sailboats, kayaks, stan-up paddleboards, pedal boats, water skis and other water sports equipment and marine supplies.

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