VIP Marinas enters Florida market with Anclote Village Marina purchase
Growth in the Pasco County region attracted interest in the marina from buyers, leading to multiple offers on Holiday marina
By: Colliers International
Colliers International's Leisure Property Advisors team, led by Andrew Cantor, Managing Director; Matt Putnam, Managing Director; and Dan Grovatt, Director, represented both the buyer and the seller, St. Joseph's Sound Investments LLC, in the transaction.
The property is located on 3.23 acres near the mouth of the Anclote River. As the only marina on the river outside of the no-wake zone, Anclote Village Marina provides boaters in the Pasco County area the fastest local access to the Gulf of Mexico. The marina features 25 wet slips, 195 dry racks, a fuel dock, a dockside bait shop and a waterfront restaurant, Miss Vicki's on the River.
Buyer VIP Marinas owns and operates eight marinas in Texas and Oklahoma.
"The buyer had spent a lot of time boating from Sarasota up to Tampa and had been looking for the right property in Florida," Putnam said. "This property has the advantages of in-place cash flow and accessibility, both for him coming from Texas and his boaters being able to reach popular destinations like Caledesi Island, Honeymoon Island and Anclote Key. In addition, he felt this location is going to significantly benefit over the next few years from the growth occurring along the State Road 54 corridor in Pasco County."
The marketing process generated broad interest in only two months and culminated with 10 offers that included regional marina investors, large national companies, local investors and first-time marina buyers.
"This kind of heightened interest from investors represents a trend in the market," Grovatt said. "Marinas continue to gain significant investor attention as yields compress in core commercial real estate asset types."
Anclote Village Marina is located at 1029 Baillies Bluff Road in Holiday.
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