John's Pass Village building sold, future home of Cafe Alma

BUYER: Boardwalk Place LLC (principal: Heath Boksen), Clearwater
SELLER: Florida Bank
PROPERTY: 111 Boardwalk Place W.,
units 101, 103, 201, 203, 301, 303 and 305, Madeira Beach
PRICE: $1.68 million

PREVIOUS PRICE: $3.35 million, February 2011
LAW FIRM ON DEED: Adams and Reese LLP, St. Petersburg

PLANS, DESCRIPTION:
A company led by Heath Boksen of Clearwater purchased a multilevel, mixed-use commercial and residential condominium building in John's Pass Village for $1.68 million.

The seller, Florida Bank, had foreclosed on seven of the eight commercial and residential units, totaling 11,000 square feet, in the property.

The first floor of the building features a 930-square-foot retail unit and a 1,540-square-foot retail unit occupied by D&D Collectibles. The 5,085-square-foot second floor of the building will house the restaurant Cafe Alma. The third floor contains three vacant residential units.

At the time of the sale only 12% of the total 7,555 square feet of retail space was vacant.

Frank Boullosa of FAB Realty Group represented the seller and David Kramer of Pridgen Realty Inc. represented the new owner and handled the lease to Cafe Alma. Kramer says after the former owner, Florida Bank, declined to lease the vacant restaurant and former bar location to Cafe Alma, he brought a letter of intent from the restaurant to the buyer as an additional incentive to acquire the property.

“Without the Cafe Alma lease, Boardwalk Place LLC would not have been interested,” Pridgen wrote in an email to the Business Observer.