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.
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