News and announcements
February 23, 2021
SOUTHERN MARINAS SELLS EXISTING PORTFOLIO AND ANNOUNCES SEARCH FOR NEW ACQUISITIONS
Industry Metrics Reach a High-Water Mark and Point Toward Continued Growth in This Sector
North Palm Beach, Fla. – Southern Marinas Holdings, LLC, a partnership between a New York-based private investment firm and Southern Marinas, announced today the sale of its portfolio of best-in-class marinas to a publicly traded REIT. “With the uncertainty surrounding the long-term investment strategy in some traditional core real estate, including retail and office, the marina space has become increasingly interesting for private equity and public REITS looking to diversify their portfolios. In addition, the boating industry metrics are the strongest they have been in the past decade, and this trend is expected to continue in 2021 and beyond,” said Andrew Gendron, chief investment officer with Southern Marinas.
Southern Marinas’ management is now focused on replicating its previous success with a follow-on platform to acquire premier marina properties across the country. “While we have a robust pipeline of potential acquisitions, we are always looking to find unique properties that will complement our new portfolio,” said Gendron.
The principals of Southern Marinas have been involved in the acquisition and management of marinas and resort properties throughout the United States for more than 20 years. Through their combined years in the marina space, the team has evaluated 100+ marinas for purchase through an extensive underwriting process. The Southern Marinas team’s experience and operational expertise extends to coastal marinas on both seaboards and everything in between – from New Jersey to Florida in the East; California in the West; and mountain and lake marinas in Kentucky, Tennessee, Arkansas, and Texas; and throughout the Great Lakes.