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Colliers arranges the sale of well-known Jamestown marina and boat yard to expanding TPG Marinas

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Long-time business owners sell Conanicut Marina and Taylor Point Boat Yard in Jamestown, R.I.

TPG Marinas, a growing owner and operator of marina businesses and other waterfront real estate, has purchased Conanicut Marina and Taylor Point Boat Yard in Jamestown, R.I. The sale closed on Dec. 31, 2021.

Andrew Cantor, Matt Putnam and Dan Grovatt of Colliers’ Leisure Property Advisors team, along with Jerry McDonough of Marinevest, represented the seller, Conanicut Marine Services Inc., owned by Bill and Marilyn Munger, in the transaction.

The Mungers had owned and operated Conanicut Marina and Taylor Point Boat Yard for over 47 years and wanted to make sure its future would be in good hands. The marina, located at East Ferry Wharf on Jamestown’s waterfront, includes 4,500 linear feet of dockage and 150 moorings. The marina is very popular with boaters, with slip occupancy typically running at 100% during the summer season. 

The boat yard operation is located at 260 Conanicus Avenue,  just under a mile from Conanicut Marina. The boat yard is unique in that it generates its own power with solar panels.

The buyer, Rhode Island-based TPG Marinas, recently purchased two other marinas in the area, one in Jamestown and one on Block Island.

“The investor appetite for marinas is very strong right now. Our team sold 11 marinas in 2021, and similar to the other sales, we generated multiple offers and options for our client. It was important to the Mungers that we find the right buyer. This property will be in good hands with TPG Marinas, and it aligns well with their growth strategy.” - Andrew Cantor, Leisure Property Advisors, Colliers

Located in Jamestown, the Conanicut Marina provides easy passage to Block Island, Martha’s Vineyard and Nantucket. There is also a passenger ferry service and scenic cruise business located at the marina that the Mungers will continue to operate.

“This is a highly desirable location that’s popular with both seasonal and transient boaters,” Cantor said. “And Conanicut Marina is the only facility in Jamestown that offers wet slips in any meaningful way, as the other nearby facilities are primarily mooring operations with limited dockage.”

 
 

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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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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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