Colliers International brokers sale of Mears Point Marina and Great Oak Landing near Annapolis, Maryland, after receiving 11 other offers
Safe Harbor Marinas buys two more marinas on Chesapeake Bay
GRANSONVILLE, Md. – (March 9, 2020) – Colliers International has brokered the sale of Mears Point Marina and Great Oak Landing, two marinas located on Chesapeake Bay near Annapolis, Maryland.
Safe Harbor Marinas, the nation’s largest marina owner-operator with nearly 100 locations in the U.S., purchased the properties from Meisel & Cohen Properties for an undisclosed price. Safe Harbor Marinas now owns seven marinas on Chesapeake Bay.
Colliers International’s Leisure Property Advisors team, led by Andrew Cantor, Matt Putnam, and Dan Grovatt; and Colliers International’s Multifamily Advisory Group, led by Will Matthews, Charles Wentworth, G.S. (Hank) Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Garrison Gore, represented both parties in the transaction.
Mears Point Marina, located at 420 Ken Narrow Way North in Grasonville, Maryland, features 540 wet slip and two restaurants – Annie’s Paramount Steak & Seafood House and Red Eye’s Dock Bar, which are both leased to the operators. The 42-acre property, located 20 miles east of Annapolis on Kent Island, also includes development land approved for 211 multifamily units, and a commercial retail/office building.
“Mears Point Marina represents a truly unique opportunity,” Cantor said. “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, a 73.6-acre site located at 22170 Great Oak Landing Rd. in Chestertown, Maryland, features 360 wet slips, a 28-room lodge, and two restaurants – Rockfish Grille Restaurant and Jellyfish Joel’s 2.0. Sixty acres of the property, which is located 50 miles northeast of Annapolis, is currently being used as an executive golf course.
The Colliers team marketed the two properties separately. They saw interest from a variety of prospective buyers and generated offers from 11 groups.
“Because Mears Point derived its value from both the marina and from the multifamily land, the buyer pool included both marina owner-operators and multifamily developers,” Cantor said. “These are two very distinct groups that approach acquisitions differently. Between Colliers’ Leisure Property Advisors team and the Multifamily Advisory Group, we were able to articulate the opportunity so that both types of buyers would understand the asset and feel comfortable in making an offer.”
“Safe Harbor was ultimately selected because their offer included the purchase of Great Oak Landing in addition to Mears Point, which was attractive to the seller,” Cantor said. “None of the other groups offered that option. At the same time, this acquisition was a good fit for Safe Harbor because it allowed the company to expand its portfolio in Chesapeake Bay and to leverage existing synergies,” Cantor said.
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