2019 Final Year In Review

019
Leisure
Property
Advisors

Welcome
Consolidation continued to be a major theme throughout the marina industry in 2019 with a large volume of transactions by a variety of well-capitalized buying
groups, as well as individual investors. Safe Harbor Marinas led the way as they pushed ever closer to 100 facilities. At the same time, new investment groups such
as Southern Marinas emerged with Wall Street funding and a healthy appetite for storage-centric marina facilities in strong markets. VIP Marinas, with eight marinas
in Texas and Oklahoma, entered the Florida market. Suntex Marinas shifted gears with the disposition of 11 former Loggerhead marinas and the acquisition of Bahia
Mar in Ft. Lauderdale. The buyer, Equity Lifestyle Properties (ELS), a leading owner/operator of manufactured home communities, RV resorts and campgrounds, was
the initial equity provider for the portfolio in 2017. The acquisition of the portfolio marks ELS’s official entry into the marina space with more acquisitions projected.
Colliers Leisure Property Advisors’ activity reflected the broader market. During 2019, the Colliers LPA team closed a record 11 leisure property sales and, as of
year-end, have four more properties under contract. We touched all spectrums of the buyer pool ranging from a couple who were buying their first marina (Dozier’s
Regatta Point) to Safe Harbor Marinas. We also worked with Southern Marinas on their first marina acquisition (Bradenton Boat Club) as a newly formed company
and VIP Marinas on their first Florida purchase (Anclote Village Marina).
Our team has been focused on marina brokerage for several years now and has sold 32 properties in the past four years alone. It is fair to say that each brokerage
assignment has come with different challenges leading to greater insights. Reflecting on 2019, two observations stand out. First, sellers of high-quality properties in
strong markets can leverage a well-run marketing process to create competition driving price and terms. We executed on this process several times with tremendous
success in 2019 generating multiple offers from highly-qualified buyers. Second, the demand for properties from private investors, often first-time buyers coming
from other professions or real estate sectors, has increased over prior years. This has led to longtime owner-operators contemplating their retirement and exit.
As a result of our experiences, we are advising clients and prospective clients, “If you have a 7 to 10-year horizon for being in the marina business and the stomach
to weather another economic downturn, it is a great time to own and hold a marina and enjoy the cashflow. However, if you have a shorter time horizon, there hasn’t
been a better time to sell a marina since 2007.”
With the Federal Reserve reversing course on its 2018 interest rate increase forecast by cutting rates three times in 2019 and no imminent increases forecast, 2020
will likely see more Wall Street money and more new groups looking to deploy capital into the space. At the same time, there are also plenty of opportunities for
first time buyers and owner operators as marina operations continue to follow the path of the economic recovery and the availability of debt continues to increase.
Our team views marina brokerage as a relationship business. In addition to countless face-to-face meetings with owners, we attended several industry events across
the country in 2019. Each represented an opportunity to forge new relationships and strengthen existing ones. In partnership with our capital markets teams in
Tampa and Atlanta, we took on several debt placement assignments in 2019 and will look to launch a full-service marina debt platform in 2020. We are also seeing
our valuation services team grow in the marina space as they strive to become a leader in marina appraisal. Our goal is to continue to position ourselves and our
firm for the long-term as an advisor to marina owners whether they be institutional investors or single-facility owners.
Andrew Cantor Matt Putnam Dan Grovatt
Managing Director Managing Director Managing Director
andrew.cantor@colliers.com matt.putnam@colliers.com dan.grovatt@colliers.com

LISTED:
Lighthouse Point Marina
Baltimore, Maryland

We know
The Market
We understand
The Business
Leisure Property Advisors is a specialty group within
Colliers International that provides brokerage and
advisory services to the marina industry. The team
has over 40 years of collective experience working
with leisure property owners. Working collaboratively
with leisure property practice groups located in
the UK and Canada, we are able to bring a unique
global connectivity to owners of marinas and other
leisure properties. This global presence in the marina
marketplace gives us a unique vantage point from
which to advise clients on the most advantageous
strategies for buying, selling and financing assets
throughout all parts of the real estate cycle.
Colliers International is a leader in global real estate
services, defined by a spirit of enterprise. Through
a culture of service excellence and a shared sense
of initiative, we integrate the resources of real estate
specialists worldwide to accelerate the success of
our partners. As one of the few companies with a
truly global platform, we are unified by the power of
delivering services seamlessly, wherever our clients
choose to do business.
LISTED:
Romora Bay Resort & Marina
Harbour Island, Bahamas

2019 Key
Performance
Indicators
19
leisure properties
currently listed
across
8 states
+
Bahamas
4
leisure properties
currently under
contract
&
11
leisure
properties
sold in 2019
UNDER CONTRACT:
Mears Point Marina
Grasonville, Maryland

What our
Clients
Say about
Our Team
Andrew Cantor is a fantastic broker who
cares about his clients. He ran a great
process for us in the sale of Lazy Days
Marina that resulted in multiple offers and
a sale price that exceeded our expectations.
Andrew Sturner
Chairman - Aqua Marine Partners
While Dan was my main point of
contact, I truly felt that I had hired a
team and that everyone was working
together with my best interests in
mind. Ultimately, the process resulted
in a sale on contract terms and at a
price that exceeded my expectations
even after commission.
Jeremiah Supple
Former Owner of Bradenton Boat Club
The Colliers Marina & Leisure Property
team was true advisors to us in the sale
of our marina portfolio. They worked
closely with us for nearly a year to help us
prepare the properties for market. Their
process was tailored to our specific needs,
including confidentiality, and resulted in
multiple offers from several qualified
buying groups. Just as important, their
expertise was instrumental in handling
any issues throughout this complex
transition. I highly recommend them to
any owner looking for credible advice
and market execution.
Dave Rozycki
Co-CEO (Retired) - Parkbridge
Lifestyle Communities
I was extremely impressed at the level
of involvement Matt had in the contract
negotiation stage all the way through
due diligence to closing. At times, issues
popped up but Matt and his team were
there every step of the way to defend
value, mediate and ultimately get us to
the closing table.
Andy Eggebrecht
Former Owner of Siesta Key Marina
As an investor building a marina
portfolio, The Marina & Leisure
Property Advisors team has
consistently shown me a number
of good deliverable marinas to
consider. One thing that really stands
out and that sellers should be aware
of is that they go the extra mile in
presenting a listing and are great
at articulating the upside potential.
This has always impressed me.
Austin Cameron
Owner/Principal - VIP Marinas
LPA created first-class marketing materials
and leveraged their platform and process to
market the asset to a targeted list of buyers
with proven financial wherewithal and desire
to acquire this premier asset.
Gregory Camia
Senior Vice President - iStar Inc.

Meridian Marina
Palm City, Florida
Confidential Marina
Great Lakes
Under
Contract
The following deals are under contract and set
to close Q1-Q2 of 2020.
Mears Point Marina
Grasonville, Marlyand
Great Oak Landing
Chestertown, Maryland

SOLD:
Sunset Bay Marina
Hull, Massachusetts
Closed
Deals
We’ve been busy! The following pages illustrate
the deals our team has sold in 2019.

Dozier’s Regatta Point
Deltaville, Virginia
September 2019
Slips/Racks: 112

Pointe West Country Club
Vero Beach, Florida
November 2019
Holes: 18
Par: 72

Chesapeake Yachting Center
Baltimore, Maryland
July 2019
Slips/Racks: 470

Anclote Village Marina
Holiday, Florida
September 2019
Slips/Racks: 216

One Particular Harbour
Bradenton, Florida
March 2019
Slips/Racks: 183

Bradenton Boat Club
Cortez, Florida
May 2019
Slips/Racks: 344

Anchor Bay Marina
Eclectic, Alabama
April 2019
Slips/Racks: 238

The Majors Golf Club
Palm Bay, Florida
December 2019
Holes: 18
Par: 72

Sunset Bay Marina
Hull, Massachusetts
December 2019
Slips/Racks: 161

The Ridges Marina
Hiawassee, Georgia
October 2019
Slips/Racks: 347

Siesta Key Marina
Sarasota, Florida
December 2019
Slips/Racks: 243

Inner Harbor Marina
Baltimore, Maryland
Romora Bay Resort & Marina
Harbour Island, Bahamas
Northdale Golf & Tennis Club
Tampa, Florida
2020
Preview
Confidential Lake Marina
Texas
Please visit our website for a complete list
of all current listings.
www.colliers.com/us/marinas
ighthouse Point Marina
altimore, Marlyand
Confidential Lake Marina
Northeast

Confidential Marina
Eastern Tennessee
Pirates Cove Marina
Dunedin, Florida
Clinton Street Marina
Baltimore, Maryland
Legacy Harbor Marina
Fort Myers, Florida
Prime Marina Southampton
Hampton Bays, New York
Confidential 3 Marina Portfolio
MD & VA - Chesapeake Bay

LISTED:
Romora Bay Resort & Marina
Harbour Island, Bahamas

The Team
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. He 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. Over the past
two years, Andrew has successfully closed on ten leisure
asset transactions, primarily marinas, in which he has
been either the lead or co-lead agent on the deal team.
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 been in the Leisure Properties industry
since 2009 and has been a part of transacting more
than 40 leisure properties since 2011. 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.
DAN GROVATT is a founding partner and Managing
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. Since 2015, Mr. Grovatt has underwritten nearly
$500 Million in leisure assets and has played an active
role on the deal team on each of the 20 leisure properties
that the partnership has transacted over the past 2 years.
KATE TAROKH is the Client Services Coordinator for
the Leisure Property Advisors. With a background in
marketing, design, and client relations, she is primarily
responsible for all marketing aspects of the leisure
properties listed and sold by the team. This includes the
design and production of custom packages, websites,
flyers, e-mail blasts and brochures. Kate started her
career with Colliers International in 2017 and holds a
Commercial Property Marketing Certification (CPMC)
and a Commercial Property Research Certification
(CPRC) from Colliers International.

WWW.COLLIERS.COM/US/MARINAS
Leisure
Property
Advisors