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Colliers arranges sale of marina in Grand Prairie, Texas, to Suntex Marinas

GOPR0540

Lynn Creek Marina, located on Joe Pool Lake, has 528 wet slips

Suntex Marina Investors, LLC, based in Dallas, Texas, has purchased Lynn Creek Marina in Grand Prairie, Texas, for an undisclosed price.

The marina is located on 60 acres of waterfront property along Joe Pool Lake, at 5700 Lake Ridge Parkway. Joe Pool Lake is a 7,500-acre flood control lake built and operated by the Army Corp of Engineers and a popular destination for boating, camping, picnicking and fishing.

Lynn Creek Marina features 528 wet slips, 116 dry stalls, a 14-acre driving range and a full-service restaurant, which had been managed by the marina’s ownership.

Matt Putnam, Andrew Cantor and Dan Grovatt of Colliers’ Leisure Property Advisors team represented the seller, Lynn Creek Marina, LTD, in the transaction.

“Suntex, which is headquartered only 40 miles from this property, saw the opportunity to build on the long-term success Lynn Creek Marina has had in this fast-growing submarket of the Dallas-Fort Worth metroplex. The buyer also recognized the value of the existing profit centers, like the in-house boat club and restaurant, which fit well with Suntex’s business model.”

~ Matt Putnam, Managing Director, Leisure Property Advisors, Colliers

Joe Pool Lake is located between Dallas and Fort Worth, just south of Interstate 20. The area is experiencing significant growth, including in the cities of Grand Prairie and Arlington.

“The size of the property, scale of the operation and a location surrounded by an excellent, growing demographic speaks to current trends in the marina space almost to the letter,” Putnam said. “This is exactly the type of property smart marina operators and investors are looking for right now.”

 
 

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Matt Putnam

Managing Director, Leisure Property Advisors

Tampa

Matt Putnam is a founding partner and Managing Director of the Leisure Property Advisors. He specializes in the sale of marina, golf and leisure properties throughout the United States and Canada. Prior to becoming a broker, he served as the financial analyst and marketing coordinator for the National Golf and Resort Properties Group for two years. Mr. Putnam has held an active real estate license since 2006 and been in the Leisure Properties industry since 2009.

In addition to investment sales, Matt and his team focus on building advisory relationships with clients and routinely provide market research, financial analysis and management best practices at every point through the property ownership life cycle. Matt has served a wide range of clientele from single property owner-users to $100B pension funds and everything in between.

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Andrew Cantor

Managing Director, Brokerage

Atlanta

Andrew Cantor is a founding partner and Managing Director for the Leisure Property Advisors, which specializes in the brokerage of marinas and other leisure focused properties throughout the United States and Caribbean.  Andrew works closely with Matt Putnam, Dan Grovatt and Kate Meyer on the execution of the team’s marina and leisure property assignments. 

Andrew brings over 25 years of real estate transaction and advisory experience to Colliers, including over 15 years specializing in marina and golf assets.  In addition to his expertise in property sales, Andrew is recognized as an expert in marina and golf course finance.  In 2004, Mr. Cantor started Textron Financial’s marina lending program, which he grew into the largest marina lender in the nation. As a member of Textron’s Golf Finance Division, he underwrote over $600M in acquisition, refinance and construction loans on golf courses and resorts throughout North America.  Prior to Textron, he was Director of Acquisitions for KSL Fairways where he played a key role on a team that purchased eight golf facilities and the Doral Resort.  Mr. Cantor started his career at Arthur Andersen in the Real Estate Services Group.

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Dan Grovatt

Managing Director, Leisure Property Advisors

Tampa

Dan joined Colliers International Tampa Bay Florida in 2018 as a founding partner and Director of the Leisure Property Advisors.  Dan specializes in marina and leisure property investment sales across the United States and regularly assists clients with the disposition and acquisition of leisure driven real estate assets.  As part of the Leisure Property Advisors strategic asset advisory program, Mr. Grovatt also routinely provides clients with strategic asset analyses and investment planning throughout their investment cycle.

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