FORT LAUDERDALE, January 02, 2019 – Bradford Marine, a prominent megayacht repair facility, marina, and yacht brokerage with locations in Fort Lauderdale, Florida and Freeport, Grand Bahama, announced that it has agreed to terms to be acquired by Fort Lauderdale Yacht Harbor, LLC (“FLYH”) for an undisclosed price. The acquisition of all assets of the Fort Lauderdale property closed on January 1, 2019, while the acquisition of Bradford Marine Bahamas is pending customary governmental approval from The Bahamas. Both properties will continue operations as normal and will retain the “Bradford Marine” and “Bradford Marine Bahamas” names under FLYH ownership. Julie Fisher Berry, Principal of Marina Investments Group, Stiles Realty, brokered the transaction.
“We are excited to have the opportunity to own and operate Bradford Marine. As one of the foremost megayacht repair facilities/marinas in South Florida and The Bahamas, Bradford Marine has a tremendous history built by its world-class team of employees,” said John Kelly, Chief Executive Officer of FLYH. “Paul Engle will continue as President of Bradford Marine and manage the daily operations, and Tom Thomas will remain in his role as Chief Financial Officer. Both Paul and Tom are well-respected in the marine industry and are great assets for both of the Bradford Marine facilities.”
“Just as the yachting industry has evolved, so too will Bradford Marine continue to cater to the needs of the next generation of yacht owners, captains, and crew,” said Michael Kelly, Chief Operating Officer of FLYH. “We look forward to being an integral part of the Fort Lauderdale community to maintain and grow Broward County’s $8.8 billion economic impact from the marine industry.”
Paul Engle, President of Bradford Marine, commented, “I am very pleased with the new ownership. John and Michael are highly knowledgeable and informed as to the needs of yacht owners, captains, and crew given their long-time passion for yachting. They have plans for substantial enhancements that will be greatly welcomed by our customers. Continuing as a family-owned and operated business makes FLYH the perfect fit to acquire Bradford Marine, and to position us as the premier yacht facilities in South Florida and The Bahamas.”
Julie Fisher Berry, Principal of Marina Investments Group, Stiles Realty, noted, “Having worked closely with John and Michael Kelly, their keen vision for the future of Bradford Marine reflects their depth of knowledge. They understand the trends in the marine industry and what is needed to service megayacht owners, captains, and crew as the industry evolves to the next generation of yachting. They will be a great asset to Fort Lauderdale and the marine industry as a whole.”
Financing for the transaction was provided by BankUnited.
About Bradford Marine
Bradford Marine was founded in 1966 on the New River in the heart of the yachting capital of the world, Fort Lauderdale, FL by Dieter Cosman and Charles Blickle, Sr. who shared a vision for this premier yachting facility. This megayacht repair facility, marina, and yacht brokerage operation, with a capacity to haul up to 250 tons, has over 11,000 linear feet of covered, in-water dockage making it one of the largest undercover yacht facilities in the world for yachts up to 180’. Located just 60 miles off the coast of Florida, Bradford Marine Bahamas was founded in 1997 on 47 acres of land in Freeport, Grand Bahama in the heart of Freeport harbor. With over 25’ of draft, a 1,200 ton drydock, 150 ton Marine Travelift, and access to a 27,000 ton drydock, Bradford Marine Bahamas has the capability to service the world’s largest superyachts up to 500’ with the top-notch quality, innovation, and attention to detail that Bradford Marine is known for. For more information about Bradford Marine, please visit www.bradford-marine.com.
About Marina Investments Group, Stiles Realty
Julie Fisher Berry is a principal of Stiles Realty’s Marina Investments Group, which specializes in the real estate brokerage of high-end marinas, boat yards and waterfront resort investments. Berry provides exclusive and confidential representation in acquisitions and sales of signature marine properties. Learn more at https://marinainvestments.com/.
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Fort Lauderdale Yacht Harbor, LLC Michael Kelly, [email protected], (954) 791-3800
Fort Lauderdale Yacht Harbor purchased Bradford Marine’s marina site in Davie for $25.3 million after acquiring the yacht company earlier this week.
The acquisition, which also included a location in the Bahamas, sold for an undisclosed price.
The company’s Davie marina sits on 15 acres at 3051 State Road 84, property records show. The mega-yacht repair facility, marina, and yacht brokerage operation has a capacity to haul up to 250 tons and has over 11,000 linear feet of covered, in-water dockage. The company claims this makes it one of the largest covered yacht facilities in the world for yachts up to 180 feet.
Bradford Marine was founded in 1966 on the New River in Fort Lauderdale by Dieter Cosman and Charles Blickle, Sr.
Fort Lauderdale Yacht Harbor is led by John Kelly of Presto, Pennsylvania, who also owns Imagine Marine.
Miami Lakes-based BankUnited financed the deal with a $17.5 million mortgage, records show.
The Fort Lauderdale area is known as the yachting capital of the world and boasts the world’s largest in-water boat show. The marine industry has an estimated economic impact for the county of $8.8 billion a year, according to the Marine Industries Association of South Florida.
https://marinainvestments.com/wp-content/uploads/2019/10/Bradford-Marine’s-Davie-yacht-facility-and-marina-sell-for-25M.jpg405650The Real Dealhttp://marinainvestments.com/wp-content/uploads/2018/10/NewLogo3-horizontal.pngThe Real Deal2019-01-04 20:22:492019-10-09 19:58:43Bradford Marine’s Davie yacht facility and marina sell for $25M
Bradford Marine, a prominent megayacht repair facility, marina, and yacht brokerage with locations in Fort Lauderdale, Florida and Freeport, Grand Bahama, announced that it has agreed to terms to be acquired by Fort Lauderdale Yacht Harbor, LLC (“FLYH”) for an undisclosed price.
The acquisition of all assets of the Fort Lauderdale property closed on January 1, 2019, while the acquisition of Bradford Marine Bahamas is pending customary governmental approval from The Bahamas.
Both properties will continue operations as normal and will retain the “Bradford Marine” and “Bradford Marine Bahamas” names under FLYH ownership.
Julie Fisher Berry, Principal of Marina Investments Group, Stiles Realty, brokered the transaction.
“We are excited to have the opportunity to own and operate Bradford Marine. As one of the foremost megayacht repair facilities/marinas in South Florida and The Bahamas, Bradford Marine has a tremendous history built by its world-class team of employees,” said John Kelly, Chief Executive Officer of FLYH. “Paul Engle will continue as President of Bradford Marine and manage the daily operations, and Tom Thomas will remain in his role as Chief Financial Officer. Both Paul and Tom are well-respected in the marine industry and are great assets for both of the Bradford Marine facilities.”
“Just as the yachting industry has evolved, so too will Bradford Marine continue to cater to the needs of the next generation of yacht owners, captains, and crew,” said Michael Kelly, Chief Operating Officer of FLYH. “We look forward to being an integral part of the Fort Lauderdale community to maintain and grow Broward County’s $8.8 billion economic impact from the marine industry.”
Paul Engle, President of Bradford Marine, commented, “I am very pleased with the new ownership. John and Michael are highly knowledgeable and informed as to the needs of yacht owners, captains, and crew given their long-time passion for yachting. They have plans for substantial enhancements that will be greatly welcomed by our customers. Continuing as a family-owned and operated business makes FLYH the perfect fit to acquire Bradford Marine, and to position us as the premier yacht facilities in South Florida and The Bahamas.”
Berry noted, “Having worked closely with John and Michael Kelly, their keen vision for the future of Bradford Marine reflects their depth of knowledge. They understand the trends in the marine industry and what is needed to service megayacht owners, captains, and crew as the industry evolves to the next generation of yachting. They will be a great asset to Fort Lauderdale and the marine industry as a whole.”
Julie’s commercial real estate career spans over 30 years. Previously, she served as a Senior Vice President of Radice Corporation, where she served as Broker of Record and Senior Vice President of Marketing and Sales on properties for development and disposition throughout the U.S.
Julie specializes in the acquisition and disposition of signature marinas and resort properties, and mega-yacht facilities. Having closed over $300 million in recent marine-related properties and over $2 billion of commercial property transactions throughout her career with Stiles, Julie has developed a reputation as the marine industry’s authority for real estate brokerage. Her recent transactions include the direct sale of the largest marina and boatyard in the United States, as reported in the Sun Sentinel. Julie is committed to delivering her clients complete property solutions including marketing and asset repositioning.
Julie believes in personal contact with her clients, a trait she believes is one of the core values in business and a key to her success. She is a member of the Marine Industries Association of South Florida, USSA, serves as a board member of the Greater Fort Lauderdale Alliance and Boys and Girls Clubs of Broward, a transformer with the CDTC and is a Leadership Broward Alumnus and class chair. She is also a member of IYBA and AMI. Honored to be named a 2012 SFBJ Influential Business Woman, Julie has received many awards for her community service and professional accomplishments including 100 Outstanding Women, 2008 Florida Real Estate Journal Top Women in Commercial Real Estate and the NAIOP 2007 South Florida Lease of the Year. Julie has spoken on panels regarding waterfront development, appeared before councils on behalf of land and marina owners regarding issues affecting the industry and has been involved in numerous advocacy and educational venues related to coastal properties.
https://marinainvestments.com/wp-content/uploads/2019/10/womens-leadership-logo.jpg203303South Florida Business Journalhttp://marinainvestments.com/wp-content/uploads/2018/10/NewLogo3-horizontal.pngSouth Florida Business Journal2018-12-01 20:57:002019-10-09 20:04:29SFBJ Women’s Leadership Group 2019 Feature
Location. Location. Location. That old real estate mantra applies even when the land in question is not totally on the land. In assessing the quality of local marinas, one must consider not just the location, but the variables of the assessor, and more specifically, the boat one drives, and where one drives it.
And along Florida’s east coast, there is more than just water involved. Real estate development along waterways in more congested areas is altering the geography of the boating industry. And with dramatic expansion plans for passenger railroads coming to Florida’s east coast in the next few years, frequent drawbridge openings come into play as well. A marina location that is convenient today may be non-existent, or much less handy, a decade from now.
“It gets very specialized,” says Ginger Hornaday, a broker associate with the firm Engel & Völkers, whose beat is South Florida waterfront. She points out that the needs of a serious cruiser are different from those of a weekend boater. “There’s really three different marketing targets: There’s the guy with a boat 20 feet up to 60, and then 60 to 120 and 120 up to 200. And they tend to graduate up in each class. I have a client who brings his boat south to Miami in the winter. He says his dock is his condo.”
That’s one reason many marinas are catering to the larger boats, but at the same time, a market such as Fort Lauderdale is running out of space as developers increasingly buy up prime waterfront sites. Hornaday notes that repair facilities are moving farther west, along the Dania Cutoff Canal. The canal was built as a shortcut between the serpentine western reaches of the New River and Port Everglades. The industry is also migrating north to Palm Beach, St. Lucie and Martin counties.
Still, the Fort Lauderdale area easily leads South Florida in marine facilities. Julie Berry, a principal of Stiles Realty’s Marina Investments Group says, “Fort Lauderdale is the Yachting Capital of the World for good reason. It has miles of waterways; immediate access to the ocean from the protected inland waterways; the sport fishing is some of the best in the world; it has a host of activities and services for yachts and crew; it is close to the Caribbean and the depth is capable of handling superyachts, especially since the Intracoastal Waterway is being dredged to a 17-foot depth. The economic impact of the yachting industry in South Florida is $11.5 billion, of which $8.8 billion comes from Broward County.”
Last year, Berry sold one of the notable Fort Lauderdale facilities, Lauderdale Marine Center, to The Carlyle Group. It is the largest boatyard in the country, located on 60 acres along the New River near Interstate 95. It can accommodate 380 vessels of all sizes.
The emphasis on mega yachts at such convenient locations as Bahia Mar and neighboring Pier Sixty-Six on the Intracoastal Waterway—both a quick voyage to the busy Port Everglades Inlet—does not sit well with everybody, especially owners of smaller boats. Among them is Paul DeBold, a certified marine surveyor and long-time boating enthusiast.
“It’s all mega yacht driven,” he says. “Docks for the 50-foot boat are being ripped out to build what can take 150 feet. Fewer and fewer want to bother with a 35-foot boat. They want the boats that will spend thousands of dollars. It’s a difficult market in some places. West of I-95 there [are] some new places. Up in Palm Beach and beyond they’re recognizing that the average guy is getting pushed out of market. Some inlets can’t take larger yachts, so the smaller guy is their market.”
DeBold points out that the Mako Fishing Tournament, featuring smaller boats, moved because of declining interest in Miami and Fort Lauderdale. “Then they took it up to Jensen Beach (in Martin County) and every year it’s growing—somewhere close to 100 boats at the last tournament,” he says.
Hornaday recognizes that the industry is trending north; so is she, moving her license to the Engel & Völkers office on Palm Beach’s Worth Avenue.
Stiles Realty’s Marina Investments Group’s Julie Berry sold the country’s largest marina last year. (Photo by Gina Fontana)
Access to Amenities
One of the most respected marina companies in South Florida does not need to follow the trend north. It set that trend decades ago. Its spokesperson, Sue Morgan, is something of a legend. She has been the marketing and public relations director for 40 years at Old Port Cove in Palm Beach Gardens, and two other nearby marinas owned by Old Port Cove Holdings. Her marinas’ clients define the wide spectrum of the business, and she is a recognized authority on what makes a successful marina.
“We have quite a seasonal business,” she says. “Many leave in summer. Some live on their boat, some come and go. They travel to the Bahamas or Fort Lauderdale.” She is qualified to define the ideal marina—one of which is Old Port Cove.
She explains, “It is centrally located, with a location near I-95, the turnpike and the airport. There are a hundred restaurants and all kinds of shopping close by on PGA Boulevard. We have a restaurant open seven days a week and a commissary with a deli area where you can get a quick sandwich or provision for boats. A lot of folks love that we have an on-site gym. We have a captain’s lounge. For any marina, on-site services is really a top amenity.”
She notes that ease of access is another plus for the company’s marinas. The other two are the North Palm Beach Marina—across the Intracoastal from Old Port Cove—and New Port Cove Marine Center in Riviera Beach. All have close proximity to the Lake Worth Inlet, also known as the Palm Beach Inlet, and there is only one 65-foot bridge between them.
She explains: “The biggest problem cruising the Intracoastal is that there are quite a number of bridges that can slow you down. Our marinas are all easy to get in and out of.”
Easily Available
Ease of access is paramount to serious yachts arriving from the ocean. One would not normally think of Fort Pierce as a boating destination, but Andrew Cilla, president of Fort Lauderdale-based Luke Brown Yachts, lists it prominently among the top marinas in the area.
The Fort Pierce City Marina is where the Pelican Yacht Club is situated.
“The Pelican Yacht Club can handle 80 yachts,” Cilla says. “And the entrance to the Fort Pierce Inlet is the easiest I’ve ever seen. The Yacht Club dining facilities offer an outstanding view of the inlet, too.”
Morgan seconds that motion.
“The Fort Pierce Marina is definitely a destination,” she says. “After the hurricanes (11 years ago) tore them up, they built little islands in the Intracoastal to act as a barrier, and they rebuilt the marina. The old downtown has been redeveloped. They have a green market, which is huge. There’s a little theater there. It has everything you need for a nice stay.”
There is nothing that contributes to a nice stay like a good restaurant along the docks. When Bob Davis built Sailor’s Return, it was instantly busy and enhanced Stuart’s Sunset Bay Marina along the St. Lucie River in downtown Stuart. Doing the same for Lauderdale Marina is 15th Street Fisheries in Fort Lauderdale. Dating from 1948, the marina was started by the late, former Fort Lauderdale Mayor Robert Cox and is still family-owned. Both restaurants attract more locals than mariners, but they both contribute to the elusive “nice stay” for those passing through.
Location is Key
In the marina business, few things top having a location with built-in amenities. That makes urban sites ideal. There are few better examples than Palm Harbor Marina, which is located in Lake Worth in downtown West Palm Beach. It is convenient to the shopping on nearby Clematis Street in West Palm Beach and just across the bridge from storied Worth Avenue in Palm Beach. It is not far from Palm Beach International or the beaches. On top of that, its yachting amenities make it a regular honoree among the top marinas in the country.
Although the facility dates back decades, it was remodeled six years ago by owner Leisure Resorts LLC to become what it calls with some justification “Florida’s Premier Port of Call.”
“You can’t beat the location,” says Tricia Mason, of United Landmark Associates, who does marketing for the marina. Aside from the natural advantage of being situated in an affluent and active community, she adds, “It’s an ideal stopping place for people headed to the islands.”
“We have 15,400 feet of dockage, nearly 200 state-of-the-art floating docks and can take up to 250-foot vessels,” adds Rob Montanile, marketing director for the facility. “We have added slips for larger vessels. We have a yacht club with a fitness center, catering, golf cart service to yachts, golf cart porter service. We’re a gated marina, so people feel secure when leaving their boat here. We never stop hearing about how good our customer service is.”
Rob Bowman, director of marketing for HMY Yachts, considers Palm Harbor and the Miami Beach Marina among the best in the state. The latter “is a huge marina near the Art Deco district, close to Government Cut; it can take larger yachts and has more volume than just about any place.”
“The neat thing is that they’re both destination marinas,” he adds. “You just don’t leave your boat here. There’s nightlife—a lot of things to do.”
Bowman should know. Nine of HMY’s 12 offices are in leading South Florida marinas. HMY also has the distinction of owning one of them—Pirate’s Cove Marina in Port Salerno, a few miles south of Stuart. It is run by HMY President Steve Moynihan’s family. Because the Stuart area is such a sport fishing mecca, this marina is geared to the smaller fishing boats—the market that is in danger of being crowded out by the trend toward mega yachts. But the need to accommodate smaller boats is very real, and even Palm Harbor Marina, while it capitalizes on the major yacht presence in the heart of the wealthy Palm Beaches, recognizes that important market.
“We will always take small boats,” quips Tricia Mason, “but please bring a friend with a big boat.”
https://marinainvestments.com/wp-content/uploads/2019/10/Florida-Marinas-From-Fort-Lauderdale-Through-The-Treasure-Coast-Everything-You-Need-To-Know.jpg500740Stuart Magazinehttp://marinainvestments.com/wp-content/uploads/2018/10/NewLogo3-horizontal.pngStuart Magazine2016-10-01 18:01:412019-10-01 20:26:35Florida Marinas From Fort Lauderdale Through The Treasure Coast: Everything You Need To Know
Growing up in Fort Lauderdale loving the boating lifestyle, Julie Fisher-Berry never set out to arrange some of the biggest property deals in South Florida’s marine industry.
But following her father’s footsteps into real estate and pursuing her passion for the water, she’s developed a specialty selling marinas and boatyards that now is paying off.
Fisher-Berry this month brokered the sale of the country’s largest yacht repair-marina facility, Lauderdale Marine Center, for an estimated $140 million to $150 million. She also recently arranged the sale of marina-resort Caloosa Cove in Islamorada in the Florida Keys for a price topping $10 million.
She handles the deals through the venture she started, Marina Investments Group at real-estate conglomerate Stiles, based in Fort Lauderdale. She formed the group at Stiles Realty four years ago, recognizing opportunity as the boating industry bounced back from the recession.
Today, she sees the market “better than ever” for South Florida marine properties, as prices rise on limited supply and a growing population takes to the water. “Groups are starting to see it as a viable investment, and banking is starting to lend to it,” Fisher-Berry said in an interview at the sprawling Lauderdale Marine Center.
Yet few real-estate brokers specialize in marinas and boatyards — perhaps a handful in South Florida, said Paul Cauchi, vice president of commercial real estate at the Miami Association of Realtors.
The business is neither simple nor cookie-cutter and now demands a global outlook, Fisher-Berry said.
For starters, no two marinas or boatyards are the same. The contour of the waterfront, depth of the channel, size of the piers, types of retail and zoning rules are among elements that vary in each property, requiring in-depth knowledge to broker a sale, she said.
Then, there are the complexities of environmental regulations on the water. And building the business means forgng relationships with owners, who in South Florida are mainly families running their own businesses, and developing ties with buyers, who increasingly are based outside the area.
That variety and the chance to be outdoors — near the water and around boats — were among the reasons that Fisher-Berry found herself drawn to develop her marine specialty.
She started working in real estate three decades ago during summers while earning her degree in accounting from Nova Southeastern University and soon landed a job with Stiles leasing space in office buildings.
But when a deal came up with marinas, the water beckoned. She built on her love of boating, scuba, wake-boarding, fishing and other watersports and switched focus exclusively to marine properties, mainly in South Florida but also in the Caribbean, the U.S. northeast and other markets.
Her passion for marinas and growing database of contacts has earned Fisher-Berry praise in South Florida’s heavyweight marine industry, which has an economic impact estimated to top $8 billion yearly in Broward County alone.
“She has a good pulse on activity and good connectivity to people outside the region,” said Phil Purcell, executive director of the Marine Industries Association of South Florida.
Frank Herhold, who led the Marine Industries Association for 19 years, was so impressed by Fisher-Berry that he accepted an offer two years ago to join as a consultant in her Marina Investments Group.
Herhold said he likes the chance “to help keep marinas as marinas and boatyards as boatyards,” at a time when many waterfront properties are under pressure to be redeveloped as luxury condo towers.
In brokering the Lauderdale Marine Center deal, Fisher-Berry said some potential buyers groups inquired about building condo towers to the roughly 60-acre property on the New River visible from Interstate 95 and known for its tall arches over its docks.
But the seller held out for a buyer committed to keeping the profitable marina-boatyard operating and growing. “He was adamant about that,” said Fisher-Berry, who arranged the sale to asset management giant Carlyle Group of Washington, D.C., which also owns marina properties in the Florida Keys.
To keep Broward’s marine industry strong, Fisher-Berry hopes for marina support from neighborhood groups that back the businesses in their area and from zoning rules by local governments.
In Miami-Dade County, a coalition of businesses and neighbors helped keep part of the Miami River zoned for marinas and boatyards, while the area nearest downtown was re-zoned for high-rise condos, said broker A. Michelle Ash of Simply Marinas in Miami, who specializes in marinas. (Her firm recently brokered the sale of the Gilbert’s Resort and Marina on Key Largo for $11.2 million.)
Fisher-Berry wants marinas and boatyards strong, so future generations can enjoy the boating lifestyle the way she does. Her 16-year-old son, Alex, already is an avid boater.
This article is from Sun Sentinel. To read original article, click the click below:
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Stiles Realty Brokers Sale
of Largest Marina/Boatyard in the United States
Fort Lauderdale, FL. – July 2, 2015 – Stiles Realty, a division of Fort Lauderdale-based full-service commercial real estate developer Stiles, announced today the sale of Lauderdale Marine Center, the largest yacht repair facility and marina in the U.S. The property was purchased by a division of The Carlyle Group, a global asset management firm based in Washington D.C., for an undisclosed amount.
The approximately 60-acre property located at 2001 SW 20 Street in Fort Lauderdale includes the adjacent Riverbend Marine Center and is situated at the entrance to Marina Mile, along I-95 and in within five miles of the Fort Lauderdale/Hollywood International Airport. Stiles Realty Broker Associate Julie Fisher Berry represented the sellers, Selvin Passen and business partner Morio Mito. There was no other broker in the transaction.
“Lauderdale Marine Center is a valuable investment opportunity not only because of the scarcity of available waterfront land in South Florida, but also because it has a strong repeat customer base of mega yacht owners,” said Fisher-Berry.
This is Fisher-Berry’s second marina sale in 2015. Earlier this year, Fisher-Berry completed the sale of Caloosa Cove Marina and Resort, a 13-acre property located in Islamorada that consists of time-share hotel units, as well as a restaurant, lounge, and full service marina with enclosed dry rack storage.
Fisher-Berry noted that Lauderdale Marine Center’s distinctive business model has driven its market value and reputation over the years. The property maintains multiple operating units, which are comprised of 156 wet slips, an office complex, contractor bays, covered sheds, covered in-water dockage, and a large basin for mega-yachts.
“Lauderdale Marine Center benefits from a substantial revenue stream due to its reputation, experienced management team and quality customer base,” she said. “The marina’s business model combined with growing industry demand for mega-yacht services will only drive further upside potential.”
According to Fisher-Berry, Passen and Mito acquired the property in stages, starting with 33 acres in 1997 and then another 17 acres in 2004. Included in this transaction is the adjacent 8.5-acre Riverbend Marine Center, which was sold to Passen and Mito last year by Fisher-Berry. It was planned for redevelopment to further expand Lauderdale Marine Center.
“The fact that a global firm has stepped in to acquire this property further solidifies the strength of the marine industry in South Florida,” Fisher-Berry observed. “This acquisition has truly raised the bar for marina and boatyard sales in this market.”
Berry is a principal of Stiles Realty’s Marina Investments Group, which specializes in the real estate brokerage of high-end marinas, boat yards and waterfront resort investments throughout Florida.
https://marinainvestments.com/wp-content/uploads/2020/05/naiop.png214428Bailey Glazerhttp://marinainvestments.com/wp-content/uploads/2018/10/NewLogo3-horizontal.pngBailey Glazer2015-07-07 13:38:172020-05-18 13:41:33Stiles Realty Brokers Sale of Largest Marina/Boatyard in the United States
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.
The sellers, Selvin Passen and business partner Morio Mito, were represented by Stiles Realty Broker Associate Julie Fisher-Berry. There was no other broker in the transaction, according to Stiles.
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.
https://marinainvestments.com/wp-content/uploads/2019/10/lauderdale-marine-center-photo-by-tony-pullar_750xx5100-2865-0-721.jpg421750South Florida Business Journalhttp://marinainvestments.com/wp-content/uploads/2018/10/NewLogo3-horizontal.pngSouth Florida Business Journal2015-07-03 19:38:082019-10-01 20:27:21The Carlyle Group acquires Lauderdale Marine Center
Stiles Realty, a division of Fort Lauderdale-based full-service commercial real estate developer Stiles, announced the sale of Lauderdale Marine Center, the largest yacht repair facility and marina in the U.S.
The property was purchased by a division of The Carlyle Group, a global asset management firm based in Washington D.C., for an undisclosed amount.
The approximately 60-acre property located at 2001 SW 20 Street in Fort Lauderdale includes the adjacent Riverbend Marine Center and is situated at the entrance to Marina Mile, along I-95 and in within five miles of the Fort Lauderdale/Hollywood International Airport.
Stiles Realty Broker Associate Julie Fisher Berry represented the sellers, Selvin Passen and business partner Morio Mito. There was no other broker in the transaction.
“Lauderdale Marine Center is a valuable investment opportunity not only because of the scarcity of available waterfront land in South Florida, but also because it has a strong repeat customer base of mega yacht owners,” said Fisher-Berry.
This is Fisher-Berry’s second marina sale in 2015. Earlier this year, Fisher-Berry completed the sale of Caloosa Cove Marina and Resort, a 13-acre property located in Islamorada that consists of time-share hotel units, as well as a restaurant, lounge, and full service marina with enclosed dry rack storage.
Fisher-Berry noted that Lauderdale Marine Center’s distinctive business model has driven its market value and reputation over the years. The property maintains multiple operating units, which are comprised of 156 wet slips, an office complex, contractor bays, covered sheds, covered in-water dockage, and a large basin for mega-yachts.
“Lauderdale Marine Center benefits from a substantial revenue stream due to its reputation, experienced management team and quality customer base,” she said. “The marina’s business model combined with growing industry demand for mega-yacht services will only drive further upside potential.”
According to Fisher-Berry, Passen and Mito acquired the property in stages, starting with 33 acres in 1997 and then another 17 acres in 2004. Included in this transaction is the adjacent 8.5-acre Riverbend Marine Center, which was sold to Passen and Mito last year by Fisher-Berry. It was planned for redevelopment to further expand Lauderdale Marine Center.
“The fact that a global firm has stepped in to acquire this property further solidifies the strength of the marine industry in South Florida,” Fisher-Berry observed. “This acquisition has truly raised the bar for marina and boatyard sales in this market.”
Berry is a principal of Stiles Realty’s Marina Investments Group, which specializes in the real estate brokerage of high-end marinas, boat yards and waterfront resort investments throughout Florida.
https://marinainvestments.com/wp-content/uploads/2019/10/lauderdale-marine-center.jpg612792CRE-Sourceshttp://marinainvestments.com/wp-content/uploads/2018/10/NewLogo3-horizontal.pngCRE-Sources2015-06-05 19:31:332019-10-01 20:35:28Stiles Realty Brokers Sale Of Largest MarinaBoatyard In The United States
