Colliers arranges the sale of well-known Jamestown marina and boat yard to expanding TPG Marinas

Long-time business owners sell Conanicut Marina and Taylor Point Boat Yard in Jamestown, R.I.
By: Colliers International
 
JAMESTOWN, R.I. - Jan. 24, 2022 - PRLog -- TPG Marinas, a growing owner and operator of marina businesses and other waterfront real estate, has purchased Conanicut Marina and Taylor Point Boat Yard in Jamestown, R.I. The sale closed on Dec. 31, 2021.

Andrew Cantor, Matt Putnam and Dan Grovatt of Colliers' Leisure Property Advisors team, along with Jerry McDonough of Marinevest, represented the seller, Conanicut Marine Services Inc., owned by Bill and Marilyn Munger, in the transaction.

The Mungers had owned and operated Conanicut Marina and Taylor Point Boat Yard for over 47 years and wanted to make sure its future would be in good hands. The marina, located at East Ferry Wharf on Jamestown's waterfront, includes 4,500 linear feet of dockage and 150 moorings. The marina is very popular with boaters, with slip occupancy typically running at 100% during the summer season.

The boat yard operation is located at 260 Conanicus Avenue,  just under a mile from Conanicut Marina. The boat yard is unique in that it generates its own power with solar panels.

The buyer, Rhode Island-based TPG Marinas, recently purchased two other marinas in the area, one in Jamestown and one on Block Island.

"The investor appetite for marinas is very strong right now," said Andrew Cantor, Leisure Property Advisors, Colliers. "Our team sold 11 marinas in 2021, and similar to the other sales, we generated multiple offers and options for our client. It was important to the Mungers that we find the right buyer. This property will be in good hands with TPG Marinas, and it aligns well with their growth strategy."

Located in Jamestown, the Conanicut Marina provides easy passage to Block Island, Martha's Vineyard and Nantucket. There is also a passenger ferry service and scenic cruise business located at the marina that the Mungers will continue to operate.

"This is a highly desirable location that's popular with both seasonal and transient boaters," Cantor said. "And Conanicut Marina is the only facility in Jamestown that offers wet slips in any meaningful way, as the other nearby facilities are primarily mooring operations with limited dockage."

Contact
Kasey Brennan
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Tags:Colliers International
Industry:Real Estate
Location:Jamestown - Rhode Island - United States
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