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Nation’s largest marina owner-operator buys Sunset Bay Marina

sunset bay

Colliers International brokers sale of Boston marina to Safe Harbor Marinas

Nation's largest marina owner-operator buys Sunset Bay Marina

BOSTON, Mass. (Feb. 14, 2020) – Colliers International’s Leisure Property Advisors team has brokered the sale of Sunset Bay Marina, a full-service marina about five miles by water from downtown Boston. Safe Harbor Marinas, the nation’s largest marina owner-operator, purchased the property from the Folsom family for an undisclosed price.

The two-acre marina property is located at 2 A Street on Hull Bay, along Boston’s desirable South Shore. The South Shore, which has a number of major employment areas and upscale residential districts, gives boaters direct access to Massachusetts Bay and Cape Cod Bay. The property, which will be renamed Safe Harbor Sunset Bay, includes 161 wet slips, a 250-seat restaurant and event facility, on-site service and repair and winter storage.

Colliers International’s Leisure Property Advisors team, led by Andrew Cantor, Managing Director; Matt Putnam, Managing Director; and Dan Grovatt, Managing Director, represented both parties in the transaction. Jerry McDonough of Marinevest also assisted with the deal.

“The Folsom’s purchased the marina a little over 10 years ago and rebuilt the property to bring it up to modern standards,” said 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.”

Safe Harbor Marinas is the largest owner and operator of marinas in the United States and is closing in on 100 marinas nationwide. The company is currently acquiring storage-centric facilities to build its network of marinas across the country. This will be its 7th location in Massachusetts.

“The Colliers Leisure Property Advisors team was invaluable in the sale of our family’s marina,” said Bob Folsom, former owner of Sunset Bay Marina.  “Throughout the process they created and defended value. Just as important, they facilitated negotiations with the buyer that allowed us to maximize our net proceeds.”

The sellers plan to redeploy the capital from the sale into a new project. Details on that project have not been released.

 

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
corporate.colliers.com, Twitter @Colliers or LinkedIn.

 


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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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