Colliers arranges the sale of Fair Haven Yacht Works to Suntex Marinas

New Jersey marina received multiple offers from qualified buyers
By: Colliers
 
FAIR HAVEN, N.J. - March 15, 2023 - PRLog -- Suntex Marina Investors, a leading owner and operator of marina properties, has purchased Fair Haven Yacht Works. The marina attracted a high level of attention from potential buyers, tied to the quality of the property and its location on the Navesink River, just west of the Jersey Shore, in Fair Haven, New Jersey.

Andrew Cantor, Matt Putnam and Dan Grovatt of Colliers' Leisure Property Advisors team represented the seller in the transaction. The sales price was not disclosed.

"Quality marina properties in strong markets continue to be highly sought after by investors," said Dan Grovatt, Leisure Property Advisors, Colliers. "We received multiple offers on this property, which confirms that demand for marinas is strong despite rising interest rates."

Fair Haven Yacht Works, located at 75 De Normandie Avenue in Fair Haven, is an 81-slip full-service marina with four docks that can accommodate boats from 15- to 55-feet in length, along with a large mooring field. Each slip has metered 30- and 50-amp electric, water, Wi-Fi, and the marina has private restrooms and showers available to guests.

Suntex currently owns five other marinas in New York and New Jersey, including the nearby Channel Club Marina in Monmouth Beach. The company plans to leverage this regional presence and provide boaters with expanded services to enhance their marina membership for Fair Haven Yacht Works members.

"Fair Haven Yacht Works is a vital part of the boating community on the Navesink River," said Grovatt. "We are pleased to be able to find a buyer with a great reputation to ensure that this property will continue providing the Fair Haven community with access to the Navesink waterfront for years to come."

Colliers' Leisure Property Advisors group worked with Suntex early last year in the purchase of Lynn Creek Marina in Grand Prairie, Texas. Grovatt and his team - Matt Putnam and Andrew Cantor – represented the seller in that transaction.

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com (https://corporate.colliers.com/en), Twitter @Colliers (https://twitter.com/colliers?lang=en) or LinkedIn (https://www.linkedin.com/company/colliers-international/).

For further information please contact:
Kasey Brennan  | True Blue Communications
(813) 625-0180 | kasey@truebluecommunications.com
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Source:Colliers
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Tags:Commercial Real Estate
Industry:Real Estate
Location:Fair Haven - New Jersey - United States
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