Marina’s being absorbed Big Business ?

Pat Hurley

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Anything positive about this trend ??I’m seeing a lot of it lately. Hasn’t happened to our digs yet. What is your experience ??
 

Chessie246G

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I havent noticed much of it on the bay. Only ran across a few in my marina search that were corporation owned. Personally id pay more to support local business.

I see you're in OC!! Might run into you this summer...
 
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SeaVee

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There’s an outfit out of Dallas that’s buying everything they can get their hands on. Bluewater Yacht Sales, Wanchese Marina, big, small, doesn’t matter.
How about these guys- gobbled up our long time Grady dealer:

 

ItalianAngler

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Starting to see in on the Bay, I'm on the South River. We have a few that have gone 'corporate' nearby. I also see mid-sized speculators getting in on this, in my day job I'm a commercial lender, so I am seeing financing requests for Marina's a lot lately. My old marina has changed hands, no bueno, and I'll leave it at that.

The industry is ripe for this, by and large they are family run, antiquated in their operations, and in possession of a large amount of valuable real estate. Add to that that many owners are getting up there in age and you have the situation we are beginning to witness. I think you'll continue to see large marquee-type properties with redevelopment potential and value-add plays (restaurant/bar/spa amenities/hotel) change hands. The bay though has a TON of small family-run operations that won't make sense for a large operator.

Here is one proposal for Liberty Marina, it's on Route 2, right at the South River Bridge. Big site, highly visible, don't see how it really benefits me though, just more traffic and idiots on boats they've clue how to operate.

 

blynch

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Seems like Safe Harbor is scooping up lots of them in the Northeast. I know marinas are pretty skinny margin endeavors in general. While it's not exactly charming to see them subject to consolidation, I'd rather see my local marina get sold to someone who can operate it profitably as a marina than someone who will turn it into condos...
 

Pat Hurley

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.... Although I like our Marina (alot) in OC it is privately owned, maybe on the higher end of the slip fee scale it is a great place and the folks are real personable. Hope it stays that way. I like the old mom and pop marinas over in the Bay and would hate to see them fall victim to the lure of the big money. The slip fees are reasonable now .... for the time being that is.
 

glacierbaze

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Sun Communities bought Safe Harbor Marinas, including 99 existing marinas, for $2B in 2020, and have been gobbling up everything they could since. Recently bought several in NC, including Jarrett Bay Boatworks(Pretty much the entire industrial complex), OBX Marina, and others.
Don't think that condos are not a big part of their plan.
 

Hookup1

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Stone Harbor Marina sold last year. Canyon Club has been under contract twice and fell thru. Hedge fund money looking for good returns.

Same with my self storage business. REIT’s and regional players buying everything up. I get at least a call a week asking if I would sell.
 

Pat Hurley

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My fear is some day the blue collar guys/gals will be pushed out to trailer trashin’ it mostly. Not that there’s anything wrong with being mobile. Some folks just like having the convenience of a slip. But at what cost are we able to tolerate
 

Fishtales

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It is happening on the South Shore of Boston. Plymouth, Green Harbor Marshfield and Scituate have all seen marinas bought out by Safe Harbors. Improvements made and then the prices are jacked sky high. I have my slip this year but also joined a yacht club this year to give me a lower cost option. Just shy of $8K this year to dock a 30 foot boat with no end in sight. I hear the two big marina firms are acquiring more and more independent marinas. Put a mooring in at the club and will wait for a slip. Prob make the move to the club next year 100% as the cost difference is quite large.
There must be a real estate play for the firms and leveraging the properties. So far people have been paying, but one bump in the road and the game can change.
 
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ocdansar

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Safe harbor is rehabbing our marina in ft pierce. I’m sure the rent is going up big time once it’s complete. In the mean time quite a few boats are gonna have no place to go once they start on the docks .
 
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BobH1

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While it does not affect me now as both boats are on trailers with ramp 1/4 mile away, it may in the future. Italian Angler hit the nail on the head. Was just a matter of time before it happened. Inherited properties that can turn into quick cash. Easier for corporations to redevelope properties than single owners or partnerships.
 
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blindmullet

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Big business bought up all the commercial fisherman and fish houses around me. Had to make room for more old age condos on the water.
 
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Hookup1

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My fishing friends refer to our tournament fishing as "The Last Safari". Each year regulations and expense are making it harder to experience.

Boats and slips are going the same way. Canyon Club marina was a top place to be in the past. Selling Viking and Ocean boat. Families enjoying boating and the marina life. Now the boats are getting bigger and unaffordable for the average family. Marina built out a number of condo building on the property. Dockage rates have climbed significantly in the last few years. Canyon club has sold off its boat sales business. I have heard that the marina has been entertaining offers and will get sold this year.
 
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