Southern Marinas purchases Inlet Harbor Marina in Ponce Inlet

Oct. 8, 2020 - PRLog -- Colliers International's Leisure Property Advisors team has brokered the sale of Inlet Harbor Marina, a popular boating destination on the Ponce Inlet, just north of New Smyrna Beach. Southern Marinas Holdings, LLC, a partnership between a New York-based private investment firm and Southern Marinas, purchased the property from Inlet Harbor, Inc., a partnership of local investors, for an undisclosed price.

The full-service marina is located on 10 acres at 133 Inlet Harbor Road in Ponce Inlet. The property includes 282 dry racks, 30 wet slips, a high-speed fuel dock, boaters' lounge, shower rooms and a laundry facility. The property is also home to the restaurant Off the Hook Grill, which is owned by one of the area's best-known restauranteurs, Mike Schaler.

Colliers International's Leisure Property Advisors team, led by Andrew Cantor, Managing Director; Matt Putnam, Managing Director; and Dan Grovatt, Director, represented both parties in the transaction.

"The location near the mouth of the Ponce Inlet and the presence of a strong restaurant tenant at the facility makes Inlet Harbor a popular boating destination in the region," Grovatt said. "Due to this, Southern Marinas recognized Inlet Harbor as an opportunity to acquire a high-quality marina facility that is well positioned for growth in the coming years."

Despite listing and marketing the property during the Covid-19 pandemic, thanks to strong marketing that heavily utilized a digital marketing presentation and drone footage technology, the Colliers Leisure Property Advisors team received six competitive offers in just over a month.

"Amid the global pandemic, marinas have continued to show their strength as an investment vehicle," Putnam said. "Inlet Harbor reported a very strong summer season, which continues to confirm this same trend that we are seeing across the industry."

This purchase will mark Southern Marinas' sixth acquisition in 2020, as the company continues to build a strong portfolio of best-in-class marinas strategically located across the United States.

"We are fortunate to acquire such a wonderful asset in this vibrant boating community," said Andrew Gendron, principal and chief investment officer with Southern Marinas. "Inlet Harbor is the perfect addition to Southern's rapidly growing portfolio of premier marinas, and we look forward to further enhancing the customer experience at this location."