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Safe Harbor Marinas buys two more marinas on Chesapeake Bay

Greatoaklandingphoto_Safe Harbor

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.

 

About Colliers International


Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.  
 
Learn more about how we accelerate success at
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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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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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Dan Grovatt

Managing Director, Leisure Property Advisors

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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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