Under the name W.J. Keel Holdings, LLC, Anna Maria Island resident and businessman William “Billy” Keel has purchased Waterline Shoppes at 5313 Gulf Drive in Holmes Beach on Anna Maria Island for $2.5 million.
Waterline Shoppes, LLC, sold the 14,376-square-foot shopping center, which currently includes tenants such as the Anna Maria Island Chamber of Commerce; high-end spa and salon Aqua Aveda; and Eat Here, a restaurant owned by locally renowned restaurateur Sean Murphy. Keel has also relocated the office for the business he co-owns, Beach House Real Estate and Vacation Rentals, into a 2,500-square-foot space in Waterline Shoppes.
Doug Sullivan, commercial realtor at Ian Black Real Estate and a business broker with International Business Brokers Association, represented the seller. The buyer has engaged Sullivan to serve as the property’s leasing agent moving forward. Currently, there are three spaces available for lease in the center, one at 1,250 square feet and two at 3,200 square feet each.
“There is very little retail space available on Anna Maria Island, so this was a very unique opportunity for the buyer,” said Sullivan. “From its wide variety of tenants, serving as the location of this year’s annual Holmes Beach Christmas Tree Lighting, and even being a place where Garth Brooks and Trisha Yearwood, who recently bought a home here, have been spotted, this shopping center is a great investment.”
Improvements are underway at the property, including repaving the parking lot, redoing all landscaping, painting, and completely gutting and refinishing 7,000 square feet of existing vacant space.
While Florida’s tourism and retail/restaurant industries have struggled during the Covid-19 pandemic, according to Sullivan, those sectors on Anna Maria Island, Longboat Key and Siesta Key have fared extremely well.
“Certain aspects of Anna Maria Island seem to be largely immune to the economic impacts of Covid-19,” said Sullivan, who has also been a real estate consultant for the city of Anna Maria. “Restaurants are doing well and vacation rentals are booming.”
Waterline Shoppes is managed by Mainsail Lodging and Development. The company owns Waterline Marina Resort & Beach Club, which is adjacent to Waterline Shoppes. The resort recently announced the impending addition of The Chateau Anna Maria, sister restaurant to The Chateau on the Lake in upstate New York, which has been awarded two Top 100 Restaurants in America awards, as well as being featured on The Food Network series Summer Rush.
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.