INCREASING INTREST FOR PRIVATE EQUITY AND PUBLIC REITS
Southern Marinas Holdings LLC, a partnership between a New York-based private investment firm and Southern Marinas, has sold its portfolio of best-in-class marinas to a publicly traded REIT (real estate investment trust). The news comes less than six months after the company acquired Inlet Harbor Marina in Florida for an undisclosed sum.
“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,” says Andrew Gendron, chief investment officer with Southern Marinas.
“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.”
Southern Marinas Management is now focused on replicating its previous success with a follow-on platform to acquire premier marina properties across the county. “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 US for more than 20 years. Through their combined years in the marina space, the team has evaluated 100-plus marinas for purchase through an extensive underwriting process.
Founded in 2018, Southern Marinas LLC is a premier owner and operator of properties strategically located in the southeastern United States. Their leadership team has more than 75 years of combined experience and specialises in marina acquisition and management.