A group of investors, including the nephew of embattled developer Glenn Straub, bought Jetty’s Waterfront Restaurant in Jupiter.
The nephew, Glenn Edward Straub, and his investment partners paid $7.5 million for the 10,000-square-foot building that sits on an acre of land at 1075 North Highway A1A, according to records and real estate database Vizzda. The partners include Patrick Koenig, Richard Johnson Jr. and Scott Johnson, founders of West Palm Beach-based Flagler Realty & Development.
Deborah Taube, longtime owner of the seafood eatery, sold the property.
The buyers financed the purchase with a $7.3 million loan from Evermore Bank.
Records show that one entity, tied to Koenig and the Johnsons, bought an 80 percent interest in the real estate. The purchase is by Koenig and the Johnsons individually, as well as by the other investors, and is not tied to Flagler Realty, Koenig said. He declined to identify all the partners or say if a redevelopment is planned.
Another entity, led by Glenn Edward Straub, bought a 20 percent stake in the real estate, according to records and Vizzda.
Straub’s uncle owns the 2,000-plus-acre Palm Beach Polo and Country Club in Wellington and has been embroiled in a yearslong legal battle with the village over alleged code violations on the property.
This week, the Village of Wellington Council voted to push for Straub’s company to pay $6.6 million in liens levied on the property over an allegedly illegal dog park and alleged damages to an ecological preserve embedded within Palm Beach Polo, The Palm Beach Post reported.
Jupiter, in northern Palm Beach County, is better known for its golf courses and mansions than retail sales. Still, the city has seen some commercial investment in recent months.
In December, Walgreens sold its store building at 1800 West Indiantown Road in Jupiter for $11.2 million but will continue to lease the space.
Also last year, Bainbridge Companies and TPG Real Estate Partners dropped $161.1 million for the 304-unit Allure at Abacoa apartment complex at 1456 Cades Bay Avenue and 4515 Main Street.