The Carlyle Group has acquired the largest yacht repair facility in the nation, the Washington D.C.-based company announced Wednesday.
Lauderdale Marine Center will undergo minor renovations and several expansions, the global asset manager (Nasdaq: CG) said in a statement. Its immediate plans for the property include adding pavement to the southwest corner of the property for additional mega-yacht repair space, completing the renovations adjacent to the River Bend boatyard and developing a new management and leasing office on the site.
The sale price Lauderdale Marine Center was not disclosed, but the Sun-Sentinel reported that the property may have been purchased for $140 million. It was last sold for $3.8 million in 1997, according to Broward County property records.
Passen and Mito acquired the property in stages, starting with 33 acres in 1997 and another 17 acres in 2004, Fisher-Berry said. The 8.5-acre Riverbend Marine Center was sold to the partners last year. The property at 2001 S.W. 20th St. in Fort Lauderdale situated at the entrance of Marina Mile and visible from I-95.
Lauderdale Marine Center is the largest yacht repair facility in the U.S. in terms of the number of large vessels it can haul and service. It can accommodate boats up to 200 feet with 19 covered sheds and 156 wet slips. It has three marine travel lifts with haul-out capacity up to 330 tons and features 7,000 linear feet of dockage.
“Carlyle has a track record of value creation in its business and property investments, which makes their ownership a welcome development for LMC,” said Mark Pratt, general manager of LMC since 2000.
Equity for the transaction came from Carlyle Realty Partners VII, a U.S. real estate investment fund.