February 11, 2022 3:10 p.m. ET
POWERED BY LAW.COM Legal Newswire
The national marina brokerage company handled the sale of the marina as a confidential offer negotiated through the Simply Marinas network of qualified marina buyers.
Garrison Bight Marina has a dry storage facility as well as wet slips. It offers a full-service department with one of the largest inventories of marine parts and hardware in Key West. Additionally, the facility is home to a deep-water fueling dock with ethanol-free gasoline, a boat shop with a range of snacks, bait and tackle, charter services and the best Thai cuisine in town. the island at the Thai Island restaurant.
Simply Marinas represented the vendor of Garrison Bight Marina in the sale of 6 marinas, including the recent sale of two of the largest marinas in Nashville, Tennessee, Four Corners Marina and RV Park, and Cedar Creek Marina. Many of the company’s transactions have been founded on the invaluable relationships that the Simply Marinas team have built with customers as they have bought and sold marinas over the past two decades.
The Simply Marinas team is seeing huge interest in buying marinas. The company has handled 25 marina transactions over the past 12 months. George Ash, National Director of Simply Marinas, said in an interview with Marina Dock Age magazine: “Marinas, in general, have enjoyed huge increases in revenue across all profit centers (storage, service and repair, sales boat rentals, boat rentals, food and beverages, etc.). Investors on Wall Street and traditional commercial real estate assets, such as multifamily, office, retail and self-storage, began to pay attention and focused on marina acquisitions. Groups that own marinas nationwide have continued to consolidate and compete for the best marinas.
Simply Marinas sees the current marina financing market changing for the better with more financing resources available. Additionally, today’s lower interest rates support a higher debt coverage ratio, a critical factor for lending. As the market has seen an abundance of cash buyers, banks have been increasingly receptive to marina loans, and in some cases even offering interest-only financing at low interest rates. These factors, together with an attractive financing environment and new funds dedicated to marinas, have created cap rate compression in the marina space. “Before 2021, we were seeing an average cap rate of between 7.5% and 9%. In 2021 we sold marinas at 6-8%,” Ash said.
Michelle Ash, Broker at Simply Marinas, also said: “Limited marina inventory and high barriers to entry for new marina development, coupled with recent and continued boating growth, indicate that the he marina market activity is expected to continue to grow. We see no signs of slowing interest from both buyers and sellers and expect Simply Marinas, and the marine industry in general, to have another great year in 2022.”
Simply Marinas brokers seek to identify quality marinas for sale. They represent qualified clients who depend on their team to find the right marina assets. The Simply Marians family office sometimes participates as a partner or lender with its clients.
About Simply Marinas
Simply Marinas has been a leader in marina acquisitions and divestitures for over 20 years and through over 250 transactions. A family owned and operated business, we are marina investors and lenders who provide our clients with expertise ranging from pre-sale work to appraisal, due diligence, financing and successful closures. Contact us at [email protected] , or 305-390-0397 to find out how our network of more than 13,000 marina investors, along with our experience, can help you close the deal. For more information on company background, offerings and case studies, visit www.simplymarinas.com. Many of our offers are confidential and do not appear on the website. Please register with our team to receive our offers.
A. “Michelle” Ash, MBA, Ph.D.
Owner | Broker, Simply Marinas
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