2024 March/April Marina World

BUYING & SELLING MARINAS
Recently sold by CBRE, Faro Blanco
in Marathon, Florida Keys, is a
trophy marina with an iconic historic
lighthouse, plentiful amenities, and
mooring for vessels up to 140ft (43m).
Trading covetable assets
Buying and selling marinas has become a highly lucrative niche in the global
property/real estate market. What are the trends? Who are the buyers? How
do you prepare for sale? Marina World spoke to key professionals at leading
property companies CBRE (Julie Fisher Berry/JFB), Simply Marinas (Michelle
Ash/MA), Current Capital Real Estate Group (Calum Winsor/CW) and partners
Investors Realty Services, Inc (Christian Johannsen/CJ) primarily with regard
to the market in Florida.
Q: Can you give an outline of
the scope of transactions you’ve
covered over the past two years?
JFB: The CBRE Marina Group is
recognised as the primary source of
signature marine property transactions.
The group specialises solely in
premier marinas and superyacht
facilities, having executed over US$2.5
billion in recent marina and shipyard
transactions including notable facilities
such as Lauderdale Marine Center and
Rybovich Yachting Center. CBRE is the
largest commercial real estate firm in
the world. Its global platform positions
The CBRE Marina Group for US and
international transactions alike.
CBRE Marina Group has transacted
approximately US$300 million in recent
superyacht marina and refit facility
transactions. Although we are currently
representing owners throughout the US
and abroad, our recent primary sales
occurred in South Florida. One of our
signature transactions included the sale
of The Perry Hotel and Stock Island
Marina in Key West, Florida. This asset
traded well in to nine figures, however
the actual price is confidential.
Another premier transaction was
the sale of Lighthouse Point Marina,
which is located in the greater Fort
Lauderdale area, just inside the
Hillsboro Inlet. This was a highly sought
after asset due to its location and
immediate access to the Intracoastal
and the ocean. It is a haven for high
end sportfishing yacht owners who
want to be out on the ocean within
minutes. It is difficult to find a
marina in the South Florida market,
especially in Fort Lauderdale. The
value allocation for just the marinas
in these multi-asset properties
typically trade at US$300,000 or
more per slip. This value is based
on a trophy location which has been
maintained, has little to no deferred
maintenance, and provides on-site
amenities.
CBRE Marina Group also
represents the long-term leasing
of Sunrise Harbor Marina, a
superyacht marina located in the
heart of Fort Lauderdale. Long term
marina leases are another desirable
acquisition. Situated near the Fort
Lauderdale International Boat Show,
this marina has the attributes that
attract the most discerning marina
operators and owners in the industry.
MA: We have been fortunate to have
relationships with new and repeat
marina sellers that culminated in over
US$380 million in marina sales over
the last two years across all regions of
the US. An example of repeat clients
is the sale of a portfolio consisting of
six marinas that we represented. We
worked with the seller initially as a
buyer.
CW: We have sold marinas and
boatyards from the Florida Keys all
Long-term leases have become desirable
acquisitions as they require less capital.
CBRE recently negotiated the sale of the
lease for Sunrise Harbor Marina in Fort
Lauderdale, Florida.
30 www.marinaworld.com – March/April 2024