Miami-based real estate investment and development firm Integra Investments, under its “Integra Marinas” business vertical, announced the disposition of Islamorada Marina and Angler House Marina to Safe Harbor Marinas for $18 million.
This marks Integra Marinas’ first marina sale within its growing portfolio, following a multi-million-dollar repositioning of the assets.
Integra Marinas purchased the contiguous assets through 2017, strategically deploying millions for improvements to convert the properties into world-class marinas. The turnaround also entailed 230 dry racks, overhauling the docks and wet slips, building a large Tiki and resort style pool, and upgrading the amenities to include an on-site restaurant operated by Square Grouper.
“Bullish toward prime, coastal opportunities, we entered the Keys marina market in 2014 with the foresight to be a catalyst to Islamorada’s increased attractiveness and were successful in the transformation of these properties,” said Victor Ballestas, principal of Integra Investments. ” Selling these assets was not our plan, but now allows Integra Marinas to place the capital into other opportunistic marina acquisitions where we can add tremendous value.”
As one of the only true, turn-key marina real estate developers in the marketplace, Integra Marinas is focused on enhancing operational efficiencies and increasing occupancy. The sale of Islamorada Marina and Angler House Marina demonstrates the firm’s effective value-add strategy and solid property management capabilities, maximizing revenue and profitability with high recurrent margins.
With favorable risk-reward ratios and consideration of strong market fundamentals, Integra Investments purchased the sites following Hurricane Irma, at a time when Islamorada was undergoing a revitalization, investing capital in various tourism sectors, and creating demand for the upper sector.
Nestled in the heart of Islamorada, Florida, the sites are located at 80461 and 80500 Overseas Highway. They are 90 minutes from Miami and less than a mile radius from oceanfront resorts, renowned restaurants, such as Pierre’s and Islamorada Fish Company, and national retailer Bass Pro Shop.
Integra Marinas targets value-add marina opportunities in key coastal areas in Florida and beyond, capitalizing on its deep expertise as a marina owner and operator and real estate development firm. These attributes are often sought by investors and marina owners with minimal experience or limited time to execute the complexities required to maximize a marina’s potential.
The company recently acquired Westshore Yacht Club Marina in Tampa, Florida continuing a trajectory of growth as a prominent player in the asset class. With a portfolio in both commercial and residential real estate, Integra Investments is behind several notable projects. This includes the innovative Aventura ParkSquare mixed-use development in Aventura, Florida; the Hallandale Beach apartment community ArtSquare; Bella Vista Apartments in Lauderhill Lakes; and Peary Court in Key West.
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