Stiles Executes Marina Property Sales Totaling $22 Million
Posted on 11/1/2017Stiles Realty, a division of Fort Lauderdale-based full-service commercial real estate developer Stiles, arranged the sale of three marina-related properties totaling more than $22 million.
Stiles Realty Senior Vice President Julie Fisher Berry, who specializes in private client representation for the acquisitions and sales of marinas, boatyard and waterfront hospitality properties, represented the sellers in all three transactions. The transactions included Lighthouse Point Yacht Club for $16 million, which features a private yacht club and 78 slips accommodating yachts up to 125 feet, immediate access to the ocean, restaurant, Olympic-sized pool, fitness center, and 10 tennis courts.
In addition, Fisher Berry completed the sale of Mediterranean Village located at 400-408 South Andrews Avenue in Fort Lauderdale for $5.75 million. The property, whose major tenant is the City of Fort Lauderdale Marine Facilities and Yacht Management Group, comprises 23,620 square feet of office and features an on-site restaurant with available dockage on the New River. She also completed the sale of an office building located at 2312 South Andrews Avenue in Fort Lauderdale, which served as the headquarters for the Marine Industries Association of South Florida, the largest marine trade organization in the Southeast US.
"While these transactions showcase the strength of the market for marinas, boatyards and marina-related properties, the sales considered the principal's unique vision for the future of the property," said Fisher Berry. "The goal for these properties was to ensure the new ownership would keep the properties intact while making the right enhancements and investments that would help to better serve the marine industry."
Fisher Berry has built a track record of success in the marina sales industry. Fisher Berry has successfully closed over $250 million in recent sales transactions. Her most prominent transactions include the 60-acre Lauderdale Marine Center in Fort Lauderdale, which is the largest mega yacht repair facility and marina in the U.S, and the 13-acre Caloosa Cove Marina and Resort in Key Largo.
Fisher Berry noted that these properties benefited from quality, long-established revenue streams due to their position in the market and reputation, but had significant room to drive further upside potential with enhancements.
"The fact that these properties were acquired prior to open marketing further solidifies the strength of the marine industry in South Florida," she commented.
Fisher Berry is a principal of Stiles Realty's Marina Investments Group, which specializes in the real estate brokerage of high-end marinas, boat yards and waterfront resort investments throughout Florida and the East coast.