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Business Observer Wednesday, Nov. 10, 2021 9 months ago

Waterfront restaurant sold for $4.65 million

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Naples investor buys Whiskey Joe's Bar & Grill in Port Richey
by: Louis Llovio Commercial Real Estate Editor

PORT RICHEY — Whiskey Joe’s Bar & Grill has been sold.

The 6,977-square-foot Port Richey restaurant, part of a larger chain, was bought by a private Florida-based investor for $4.65 million. The restaurant, according to Pasco County property records, was bought by Sagamore Richey, a company registered in Naples.

The property at 7835 Bayview St. sits on the Pithlachascotee River and includes a full-service restaurant with indoor and outdoor sitting, tiki bar and a 12-slips for boats to dock along with an additional lot for overflow parking.

The CBRE Group, which represented the New Jersey developer who previously owned it and which announced the sale in a press release, says it marketed the property internationally and generated multiple offers.

“It is rare to find waterfront, income-producing commercial property for sale in the Tampa Bay market making Whiskey Joe’s Bar & Grill an irreplaceable property that offered the buyer a good return with a stable, experienced restaurant operator,” Mark Shellabarger with CBRE says in the release.

Whiskey Joe’s is run by California-based Specialty Restaurants Corp. which operates 18 locations. The Whiskey Joe’s in Port Richey, according to CBRE, opened in 2018. There are four locations in Florida.

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