Investor Marc Angelo is marketing the former Campeche Bay Cantina in Jacksonville Beach for use as a restaurant as he decides on a long-term plan.
“It’s an iconic restaurant that’s been there a long time,” Angelo said Tuesday.
Marc and Beth Angelo bought the property at 127 First Ave. N. on Thursday, a day after owners closed the restaurant after 33 years in business.
The Angelos paid $1.95 million for the almost 7,000-square-foot restaurant on 0.15 acres.
Property records show the building was developed in 1940 and is assessed at nearly $1 million for tax purposes.
Two of the three restaurant partners – Vince McGuire and Dave Boulier - are retiring. The third, Tom Sprowell, said in a news release last week he saw an opportunity for a new venture but did not elaborate.
They opened the first Campeche Bay Cantina in Arlington in 1986, followed by the Beaches location in 1998.
They closed the Arlington restaurant in 2007 to focus on the Beaches restaurant.
“They were ready to retire. I was lucky enough to meet the partners,” Marc Angelo said. “The timing was right.”
The Angelos bought the property through 127 1st Avenue North LLC. They registered the LLC with the state July 26.
Strategic Sites Clifford Commercial is marketing the property for the Angelos. The contacts are David Laurie and Kate Clifford. The brochure says the 6,785-square-foot restaurant seats 220.
“If the right tenant comes in and leases as is, we would freshen it up,” Marc Angelo said.
The marketing brochure and Angelo say the location is a draw. It’s in the Jacksonville Beach Central Business District and a half-block from the ocean.
It’s near hotels and five more are slated for construction within a half-mile, adding 500 rooms.
“I’d really like to do something that the Beach deserves to have,” he said.
Angelo is mulling site redevelopment “at some point.”
Marc Angelo is an investor in retail developments around the city, including other Jacksonville Beach properties.
The Angelos bought the Costa Verde Plaza for $5 million in December 2017 and upgraded the 27,432-square-foot property at 2415 S. Third St.
They rebranded the property as Costa Verde Shops and it is fully leased.
Marc Angelo also is a partner in the shopping center at 2400 S. Third St. that is anchored by Bonefish Grill and Roy’s Restaurant.
