2024 March/April Marina World

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MARINAS TOTALLY SMART Develops innovative solutions designed to satisfy the customer with care and reliability The smart system has been created to support marinas in managing the services and add value to the port structure and berths. Our multi-platform solution is able to remotely control from PC and Smartphone the columns, making the systems integrated. DISCOVER the future with GIGIEFFE SRL Via dell'Artigianato, 2/4 - 48022 Lugo (RA) - ITALY Phone (+39) 0545 32900 | Email info@gigieffe.com UNI EN ISO 9001:2015 REG. N.19255-A CBRE MARINA GROUP Signature Marina and Shipyard Properties Domestic & international brokerage. Call us for a confidential discussion. GLOBAL LEADER IN COMMERCIAL REAL ESTATE SERVICES Julie Fisher Berry +1 954 562 3270 julie.berry@cbre.com Sheila Roux +1 954 331 1755 sheila.roux@cbre.com
BUYING & SELLING MARINAS Calum Winsor was involved in the sale of the high end Marathon Marina resort, which caters for a broad range of vessels and RVs. Wall Street players who entered the market; the pandemic effect on increase of boat sales driving marina occupancy near 100% occupancy, in general; cash buyers and alternative funding; and attractive cap rates compared to other commercial real estate asset types. Marinas with mainly rental income from wet or dry slips as well as established long term commercial tenants are attractive due to lower risk and higher returns. Marinas with amenities are also a factor buyers prefer in order to maintain and attract customers. JFB: Marinas have been a highly coveted asset. Two years ago, we would sell marinas before going out to the open market. It was a seller’s market, and the buyers were ready. The desire to acquire marinas has remained strong. However, changing market conditions have recently affected some buyers in how they acquire assets and how they assess the upside potential for increased value. The market did not change the appetite to acquire marinas, just the method by which they are acquired. As this asset class becomes increasingly desirable, new investors are entering the space and request to be on the selective list when we are selling a marine property. As many groups tighten their approach, it has provided an opportunity for others to acquire trophy locations through their willingness to be aggressive, knowing that there is always an upside in rates due to the lack of available slips. Supply and demand dictates markets, and this is no exception. The lack of supply has driven the rates up and it is not likely to change in the active yachting markets. Additionally, there is a market for long term marina leases. We have represented private owners and public entities in the bid process to operate premier marinas. The benefit of a lease is the reduction of capital needed for the price of an acquisition. Capital improvements may be needed, however this is subject to the condition of the marina, structure of the bid, and revenue sharing agreement. Marinas that accommodate vessels from 40ft [12m] up to superyachts over 180ft [55m] will always be in demand in active yachting areas. Buyers typically seek marinas with greater than 100 slips, or any size marina that can accommodate megayachts, which command a much higher rate per linear foot. As a board member for the US Superyacht Association and Marine Industries Association of South Florida, I continue to see the reports showing a consistent upward trending demand for larger yachts. More yachts are coming online while availability of slips is declining as marine properties succumb to other types of development. Our purpose is to promote the marine industry domestically and internationally, so that we protect marina operators and berths to accommodate the increasing number of yachts entering the market each year. It is critical to our industry. And it is The Marina Owner’s Guide – How to Prepare your Marina for Sale The guide is divided into three sections. The first covers ongoing awareness and steps taken throughout the marina ownership; the second highlights steps to take as you approach the decision to sell; and the third addresses aspects of the sale. The publication provides recommendations that cover: pre-sale strategic planning, valuation, buyer qualifications, due diligence, contract negotiations and exit strategy. The guide aims to increase the marina’s appeal, add value, and offer a negotiation advantage that will be useful in discussions with buyers. “We suggest that marina owners allow sufficient time well ahead of when they plan to sell, to be able to implement some of these recommendations,” Michelle Ash says. The Guide covers three stages for preparing a marina for sale: Ongoing Preparation • Study the Marina Market • Understand what Marina Buyers Look For • Identify New Profit Centres • Explore Expansion Potential • Maintain Reliable Financial Records • Examine Deferred Maintenance Exploring the Sale: Pre-Sale Strategic Planning • Build Your Sales Team • Your Marina Broker Time to Sell: Ensuring a Smooth Sale • Confidential Sale or Open Market • Prepare a Due Diligence Package • Prequalifying a Buyer: Financing and Price • The Purchase and Sale Agreement • The Transition “We have put together this guide to provide marina sellers with the insights we’ve compiled to ease the process of selling your marina, achieving a seamless sales transition, and unlocking the full potential of your marina investment,” Ash explains. Marina owners can request a digital copy from: team@simplymarinas.com Michelle Ash, founder and principal of Simply Marinas, has an MBA, a PhD, and a post doctorate in business management related fields. She was CEO of a PBS affiliate with 150 employees and a US$50 million budget. National director, George Ash, undertook graduate work in real estate finance and has a BA in hospitality and recreation. He managed and owned award-winning hospitality businesses. They are also marina investors and lenders. www.marinaworld.com – March/April 2024 33
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Page 6 and 7: STRONG · SAFE · SUSTAINABLE SEAFL
Page 8 and 9: QUICK AND CLEAN WASTEWATER DISPOSAL
Page 10 and 11: Delivering the marinas of tomorrow
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Page 16 and 17: Discover the Future of Marina Stora
Page 19 and 20: SUPERYACHT FACILITIES Dock Maarten
Page 21: SUPERYACHT FACILITIES Luring megaya
Page 24 and 25: MORE INFO BOOK YOUR STAND NOW! FIRS
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Page 31: BUYING & SELLING MARINAS The sale o
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Page 39 and 40: MARINA CHAINS Marina de La Duquesa
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Page 46: FUEL TECHNOLOGY NatPower H stations
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Page 60: SETTING THE WORLD STANDARD IN MARIN

2024 March/April Marina World

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