***UPDATED: June 25, 2016*** The Fort Lauderdale Boatyard and Marina, located at 1915 Southwest 21st Avenue, was just sold for $14.1 million. The roughly 11-acre property currently holds approximately 80 commercial tenants and marine operators, but the new owners, Atlantic Marina Holdings, out of South Carolina, plans to redevelop the site into a modern “marina village.” According to a recent article from The Real Deal, new plans are likely to include wet docks up to 120 feet, dry docks up to 55 feet, and several onsite marine vendors and dealers. In a release, the company said, “we want to provide a more affordable alternative to the existing marinas in the area. Fort Lauderdale has always been on our radar, and we are certainly pleased to be investing in an area which has often been referred to as the ‘boating capital of the world.’” In addition to this new acquisition, Atlantic Marina owns five facilities in its hometown of Charleston, South Carolina, in addition to the PGA Marina & Boating Center in Palm Beach Gardens.
An exciting investment opportunity has recently been made available in Fort Lauderdale. The 64-year old Fort Lauderdale Boatyard and Marina has been listed for sale and is valued at about $18 million. The general manager of the site stated that the 11.3-acre rectangular shape of FLBAM’s property “offers more than a few possible ideas for redevelopment strategy and planning,” according to a recent article from the South Florida Business Journal.
The historic boatyard and marina is located on the South fork of the New River, a half-mile from the Lauderdale Marina Center. Over the last year, FLBAM has switched their business model from one exclusive commercial tenant (National Liquidators) to include almost 80 commercial tenants and marine contractor partnerships with significant success. The monthly Net Operating Income has increased nearly 65% over the last 11 months.
Interest in the site is steadily increasing with approximately 30 potential buyers already registered. While it was expected that domestic industry leaders would be the first in line, the strongest interest has been with international investors. A rise in boat ownership around the world has led to a recent drive to create mixed-use marinas. Not only are people looking for a place to dock their boats, but they also want the amenities associated with that lifestyle. Among accessible location and good infrastructure, buyers are looking for residential options and quality on-site leisure services. With the shortage of such marinas in a growing market, coupled with possible redevelopment, the potential for this property is great.
For more information about properties in South Florida, contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.