Ash Properties says it bought the oceanfront restaurant as an investment.
Jacksonville-based Ash Properties, through Beach South One LLC, paid $6 million for the oceanfront Joe’s Crab Shack property in Jacksonville Beach.
Elaine Ashourian, a principal of Ash Properties, said Monday the group bought the operating restaurant as an investment.
“They have a land lease on it,” she said. Ash Properties will determine “down the line what we’ll do.”
The 1.6 acres comprises the restaurant at 15 S. First St. and the parking lot at 110 Beach Blvd.
The restaurant is at southeast Beach Boulevard and South First Street. The Joe’s Crabshack website lists the address as 6 Beach Blvd.
The 8,032-square-foot restaurant, built in 1999, is on 0.75 acres and the adjacent parking lot is 0.85 acres.
Ash Properties bought the site from Eastern Coastal Properties LLC of Santa Monica, California. Eastern Coastal bought the property in 2014.
Elaine and Mike Ashourian, who lead Ash Properties, are the managers of Nouveau Management Group LLC, the manager of Beach South One LLC.