breaking news

AC/DC co-founder Malcolm Young dead at 64

EXCLUSIVE: Modica pays $8.3 million for Jupiter’s Rustic Inn site


Jupiter land mogul Charles Modica on Friday snapped up The Rustic Inn Crabhouse property for $8.3 million, more than doubling Modica’s land holdings on this section of A1A along the Jupiter Inlet.

The 3.7-acre Rustic Inn site, at 1065 State Road A1A, is just west of Modica’s 2-acre parcel on Love Street. There, Modica wants to build an outdoor marketplace featuring restaurants, offices and shops. The $30 million, 50,000-square-foot project has been three years in the making.

The project has been scaled back in size because of residents’ complaints about traffic and parking. But some residents still oppose development of the land.

For now, The Rustic Inn Crabhouse will continue to operate, Modica said in a brief interview Monday.

The Hobe Sound resident referred questions about future site plans to his attorney, Philippe Jeck, of Juno Beach. Jeck did not return a phone call or emails seeking comment.

The seller of The Rustic Inn Crabhouse property was the parent company of The Rustic Inn itself.

Ark Restaurants Corp. of New York is a publicly traded company that also owns the original Rustic Inn in Fort Lauderdale. The Rustic Inn Crabhouse is famous for its garlic crabs.

Ark bought the land for $5.2 million on Friday and then immediately flipped the site to Modica, earning Ark a cool $3 million in one day, according to Jeff Sussman, a Boca Raton restaurant broker who engineered the deal.

In its 2014 lease for the Jupiter site, Ark had a right of first refusal to buy the property if it was to be sold, Sussman said. The property went up for sale this summer, prompting Ark to exercise its right.

Bob Stewart, president of Ark Restaurant Corp., declined to comment Monday.

But a U.S. Securities and Exchange Commission filing confirmed the two transactions.

In addition to being a lucrative flip for Ark, the deal is a coup for Modica.

Modica now controls even more prime waterfront land along the Jupiter Inlet. Modica also owns the 10-acre Suni Sands mobile home park at 961 A1A, east of both Love Street and The Rustic Inn. Modica wants to build a “historic” inn and marketplace there.

Adding The Rustic Inn land to the adjacent Love Street parcel gives Modica greater flexibility in how he can develop the site, Sussman said.

In fact, Ark had wanted to buy the Jupiter property when it leased the former Bubba Gump Shrimp Co. two years ago, said Sussman, who handled the original lease.

But then-owner CNL APF Partners LP, an affiliate of GE Capital, wouldn’t sell because the Jupiter property was part of a larger real estate portfolio.

This summer, CNL sold the portfolio to SCFRC HW G LLC, which is affiliated with Stonebriar Commercial Finance of Plano, Texas. A Stonebriar official couldn’t be reached for comment.

SCFRC recorded the value of this property at $4.5 million, according to county property records. SCFRC then struck a deal to sell The Rustic Inn Crabhouse site to a Miami-based holding company for $5.2 million, Sussman said.

Both prices are well below the $8.4 million assessed value determined by the Palm Beach County Property Appraiser.

After Ark learned of the pending sale to the Miami firm, it notified SCFRC it had the right to buy the land at the same price. Sussman immediately began shopping the property for sale.

Other suitors were approached, but Modica was the obvious choice, Sussman said.


Reader Comments ...


Next Up in Nation & World

Musicians pay tribute to young rapper Lil Peep after his tragic death
Musicians pay tribute to young rapper Lil Peep after his tragic death

New York SoundCloud rapper Lil Peep — whose real name was Gustav Åhr — passed away on Wednesday at the age of 21. He was reportedly found in an unresponsive state by his manager on his tour bus, according to The Guardian. In a video posted on Instagram just a few hours before his death, he said he had consumed...
Serena Williams shares wedding photos in new interview
Serena Williams shares wedding photos in new interview

Tennis icon Serena Williams married Reddit co-founder Alexis Ohanian in New Orleans Thursday, and gave the first official photos to Vogue magazine to share. The ceremony was in front of 200 guests made up of family and friends -- Venus Williams, Beyonce, Kim Kardashian Anna Wintour, Ciara and the newlyweds’ 2-month-old daughter Alexis Olympia...
Tim McGraw weighs in on Blake Shelton’s new ‘sexy’ title
Tim McGraw weighs in on Blake Shelton’s new ‘sexy’ title

You can tell from Blake Shelton’s reaction to winning People’s “Sexiest Man Alive” honors that the award is one to be taken lightly. The tall and talented Okie has been appreciative yet modest about the recognition and, at times, he’s even self-deprecating. But his good friends, including Tim McGraw, have got his back...
Expert details how to best handle an active shooter situation
Expert details how to best handle an active shooter situation

Mass shootings have been becoming more common in America, with one happening nearly every week. But have you considered what to do if you're in a dangerous situation with someone opening fire and attacking you?  The U.S. Department of Homeland Security released a video recommending "run, hide, fight" for active shooter situations. WPXI...
Serena Williams marries Alexis Ohanian in New Orleans, reveals wedding dress
Serena Williams marries Alexis Ohanian in New Orleans, reveals wedding dress

Serena Williams is officially a married woman, according to reports. People reported that the tennis legend and her fiance, Reddit co-founder Alexis Ohanian, were married Thursday in New Orleans. Reports bubbled this week that the pair was getting married at the Contemporary Arts Center.  E! News reported that the nuptials came two years...
More Stories