A Major Waterfront Portfolio Hits the Market

John’s Pass Village and Boardwalk has long stood as one of Pinellas County’s most recognizable waterfront retail destinations. The boardwalk storefronts, marina traffic, and steady tourism flow make it one of the most visited corridors along the Gulf beaches. Now, a substantial portion of that footprint is being offered for sale.

Real estate investor Ben Mallah has listed roughly 54,000 square feet of commercial property within John’s Pass for $43 million. Mallah originally acquired the portfolio in 2019 at auction for $17.2 million. The offering includes income producing retail space positioned along the southern end of the village in Madeira Beach. This listing does not represent the entirety of John’s Pass, but it does encompass a meaningful concentration of its commercial activity and infrastructure.

Inside the John’s Pass Holdings

The portfolio includes the six story public parking garage that serves the village, along with multiple prominent tenants. Among them are Hubbard’s Marina, The Friendly Fisherman, Bubba Gump Shrimp Co., Hooters, and approximately twenty retail shops along the boardwalk.

Since acquiring the property, Mallah has stated that his team made operational and structural improvements to the site. According to published reports, vacant second floor retail space was converted into twenty hotel rooms. The parking garage underwent equipment and automation upgrades, and various mechanical and elevator systems were addressed.

John’s Pass operates as a high traffic waterfront destination, and the functionality of these behind the scenes systems plays a central role in maintaining consistent visitor flow. The property’s mix of marina activity, dining, and retail positions it as a rare coastal commercial cluster in Pinellas County.

A Shift in Investment Strategy

Mallah has indicated that the decision to sell aligns with a broader recalibration of his real estate focus after four decades in the industry. He recently turned sixty and has expressed interest in streamlining his holdings while positioning the next generation to oversee ongoing operations. Equity Management Partners, the firm associated with the portfolio, is now overseen by his son, Ben Mallah Jr.

Over the past year, Mallah has also sold other Tampa Bay area properties, including Largo’s Shops at Midway for $10 million and the Clearwater Beach Hotel for $9 million. In addition, a waterfront residence located at 1700 Gulf Boulevard in Belleair Beach has been listed for $35 million. Public statements indicate a renewed interest in multifamily housing, suggesting a pivot away from certain retail and hospitality assets and back toward apartment communities.

The Role of John’s Pass in the Local Economy

John’s Pass remains a significant contributor to Madeira Beach’s tourism and marine economy. The marina presence, charter operations, restaurants, and specialty retailers collectively support year round employment and seasonal visitor traffic.

Recent coastal maintenance efforts, including long anticipated dredging work within the pass, further underscore the area’s importance as an active boating corridor. Waterfront infrastructure, including dock access and navigational depth, plays a vital role in sustaining the commercial ecosystem tied to the village.

Any ownership transition of this scale naturally draws attention, not only because of the property value involved, but because of the pass’s long standing identity as a regional gathering point.

The Cost Behind a $43 Million Deal

Ben Mallah purchased this portion of John’s Pass Village in 2019 for $17.2 million and is now asking $43 million. That kind of increase reflects market appreciation and property improvements, but it also sets the financial stage for the next owner.

In commercial real estate, acquisition price matters. If a buyer finances a deal at that level, debt service, insurance, taxes, and operating costs must be supported by rental income. In practical terms, that often means lease rates are structured to align with the new ownership costs.

John’s Pass thrives on steady tourism and strong tenant performance. Maintaining that balance will be key. The long term success of the village depends not only on visitor traffic, but on lease terms that allow restaurants, retailers, and marina operators to operate sustainably within a high value waterfront environment.

Looking Ahead for Madeira Beach

The listing of this portion of John’s Pass signals movement within one of Tampa Bay’s most established waterfront districts. While the current ownership has overseen upgrades and tenant stability, a new buyer would inherit both the opportunities and responsibilities tied to operating a complex coastal retail environment.

John’s Pass continues to evolve alongside the broader growth of Pinellas County’s Gulf beaches. As investment patterns shift and portfolios realign, the village remains anchored by its location, its marina access, and its reputation as a destination that blends tourism with working waterfront activity.

For Madeira Beach and the surrounding coastal communities, this moment represents transition rather than disruption, another step in the long running story of a waterfront district that has adapted to each new chapter of ownership while maintaining its role in the local economy.