Busy Bee Forms Joint Venture With Real Estate Development Company
WATERSOUND, Fla. — The St. Joe Co. and Johnson & Johnson Inc. formed a joint venture through to build, own and manage a Busy Bee branded convenience store and gas station in Panama City Beach, Fla.
The 2.6-acre site is currently under construction at the corner of Nautilus Street and Panama City Beach Parkway. The Busy Bee store will occupy 15,500 square feet and offer a quick-service restaurant and 32 fueling stations. Construction is expected to be completed in early 2020.
Busy Bee stores are known for a selection of gourmet food and merchandise, as well as clean, well-outfitted facilities and bathrooms, according to the company.
"We are thrilled to finalize this agreement with St. Joe and to see construction underway," said Elizabeth Waring, principal and CEO of Johnson & Johnson. "This new Busy Bee will be ideally situated in close proximity to the Pier Park area and the new Panama City Beach Sports Complex making it a convenient location for Panama City Beach residents and visitors."
Johnson & Johnson, operator of 18 Busy Bee stores in Florida and Georgia, will be a part owner of the new store and manage day-to-day operations for the joint venture. Upon completion, the location is expected to be the largest c-store in the region. It is intended to be the first of multiple northwest Florida stores owned by the joint venture.
"This joint venture aligns with our strategy to partner with best-in-class operators to continue to grow and diversify recurring operating income," said St. Joe President and CEO Jorge Gonzalez. "Busy Bee has a proven track record of successful operations and strong brand loyalty. We are very pleased to have partnered with Johnson & Johnson and we look forward to introducing Busy Bee to Panama City Beach."
The Nautilus Busy Bee is one of at least 30 new residential, commercial or hospitality projects that St. Joe has or intends to initiate in 2019, according to the company.