The theme park owner says it has a lease and will continue operating.
By Karen Brune Mathis & Mark Basch • Jacksonville Daily Record staff writers
A Jacksonville Beach investment group bought the Adventure Landing property in Jacksonville Beach on Feb. 24 for $7.87 million.
Property owner National Retail Properties LP of Orlando sold the almost 22.2-acre site at 1944 Beach Blvd. to JB Fair Park MF LLC. The LLC shares an address with Trevato Development Group of Jacksonville Beach.
Trevato could not be reached immediately for comment. Its website says it “creates innovative places where residents and visitors alike love to work, relax, stay and play.”
Adventure Landing owner Hank Woodburn said the park has a lease on the property and will continue operating.
“This is our 26th season coming up and (we) look forward to 26 more,” he said.
He said the park is operating and the water park will open March 6.
The name of the buyer indicates multifamily development is possible.
The operator of the Adventure Landing parks, NRP Lease Holdings LLC, filed for a Chapter 11 reorganization in December 2019 in U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division.
According to its filings, NRP manages 13 parks in Florida, North Carolina, New York, Kansas, Ohio, Texas and Missouri.
That includes the Adventure Landing parks in Jacksonville Beach, at 4825 Blanding Blvd. on Jacksonville’s Westside and on Florida 16 near the St. Augustine Premium Outlets mall.
The company’s address is the Adventure Landing at 2315 Beach Blvd. in Jacksonville Beach.
NRP does not own the properties but leases them from Orlando-based National Retail Properties Inc.
According to court documents, NRP invested $850,000 in 2018 and 2019 for renovations to its flagship park in Jacksonville Beach.
“Unfortunately, during the renovation, the Debtors experienced unexpected and sustained inclement weather across most of their market areas. As outdoor amusement parks, the Debtors naturally experienced a sharp decline in revenues as customer visitations fell,” the documents said.
NRP was out of working capital by November 2019 and in default of its leases with National Retail Properties, which led to the Chapter 11 filing.
After it entered Chapter 11, NRP was hit with the COVID-19 pandemic which forced closures of its parks. Although some parks reopened, five remain closed, according to a January 2021 filing.
That filing said National Retail Properties is exploring the sale of the underlying real estate “and is presently in the process of moving towards closing of the sales on a number of the parks.”
U.S. Bankruptcy Judge Jerry Funk approved a motion in January to break out the lease of the Jacksonville Beach park from a master lease to facilitate a sale of the property, but the motion gave no details on the sale.
The court then approved a new lease for Adventure Landing.
"We signed that a week or two ago," Woodburn said.
He said the lease is for 10 years with several five-year options.
Woodburn and his wife, Susan, own NRP, according to court filings.
Woodburn said he doesn't expect any changes to the other 12 parks under his ownership in the company.
"We're coming out of Chapter 11," he said.
Woodburn said he has not met the buyer.
The park’s website says its flagship park, the Adventure Landing and Shipwreck Island Water Park in Jacksonville Beach, is the largest family entertainment center in Northeast Florida.
In addition to the water attractions, the park has go-karts, miniature golf, laser tag, an arcade, batting cages, food services and more.
When contacted, Stephanie McCullough and Kelly Pulignano of The Shopping Center Group confirmed they represented the seller of the Beach Boulevard property and are marketing the other two area Adventure Landing sites.