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Safe Harbor Adds Three

Sunset Bay Marina_ Boston

Safe Harbor Marinas Boosted it's Portfolio

Safe Harbor Adds Three 

USA: Safe Harbor Marinas boosted its portfolio with the purchase of three additional marinas via Colliers International in the first quarter of the year. It now has nearly 100 facilities. 

First to join the network was Sunset Bay Marina (above). a full-service marina near the city of Boston, Massachusetts. The 2 acre (0.8ha) family-owned property on Boston's desirable South Shore includes 161 wet slips, a 250-seat restaurant and event facility, on-site service and repair and winter storage. 

"The Folsoms purchased the marina a little over ten years ago and rebuilt the property to bring it up to modem standards." said Colliers International managing director Andrew Cantor. 

"They created a wonderful asset with significant cash flow that was very desirable to investors and marina companies as potential purchasers. At the same time. Safe Harbor is in growth mode and this acquisition helps them expand their portfolio in the region."

The second purchase covered two marinas: Mears Point and Great Oak Landing on Chesapeake Bay near Annapolis, Maryland. Mears Point Marina has 540 wet slips and two restaurants and sits within a 42-acre {17ha) site, which includes permission to build 211 multifamily units and a commercial retail/office building. 

"Mears Point Marina represents a truly unique opportunity," Cantor emphasized. "It's very rare to find a property with $1 million of in-place 
net operating income annually that has approvals and utilities in place to develop what would be the area's first resort-style marina community.

Great Oak Landing has nearly 74 acres {30ha), 360 wet slips, a 28-room lodge and two restaurants. 

The Colliers team marketed the two properties separately. Interest was expressed by a variety of prospective buyers and offers were received from 11 groups. 
Safe Harbor now owns seven marinas on Chesapeake Bay. 

 

Source: marinaworld.com (print)VIEW


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