June 26, 2022
Rising Tide of Investments
Sea Isle Marina was purchased by Integra Investments in September 2021.
Rising Tide of Investments
"There is a continued demand for waterfront developments, making marina and upland development a prime asset class, especially given that the sector is poised for favorable cap rates," says Victor Ballestas, principal of Integra Investments.

Photo: J. Albert Diaz

Economic Backbone: Commercial Real Estate

Florida marina values on the rise

Mike Vogel | 6/14/2022

Integra Investments’ purchase in September of Sea Isle Marina, one of the venues for the annual Miami boat show, highlights the wave of consolidation lifting marina values in Florida and nationally.

Marina sales to deep-pocket investors have been increasing, buoyed in part by a boom in boat sales and also by a 2019 decision by the IRS to treat boat slip and storage fees as rental income. That increased the attractiveness of marinas as an investment. In February, the nation’s second-largest marina owner, Centerbridge Partners’ Suntex Marinas, agreed to acquire the nation’s third-largest owner, Westrec Marinas, for $400 million. Both have marinas throughout Florida.

The new investors, with capital that individual marina owners often lacked, have been adding amenities and income generators. Integra will be “strategically deploying millions in capital investments” to turn Sea Isle and its 222 wet slips into a high-performing asset and “true boating destination” to be known as Venetian Marina & Yacht Club, says Victor Ballestas, principal of Integra Investments. “With increased boat sales and a limited supply of storage facilities, value-add marinas are a growing asset class for opportunistic real estate investment,” he says. “There is continued demand for waterfront developments, making marina and upland development a prime asset class, especially given that the sector is poised for favorable cap rates.”

Tags: Real Estate, Feature

Florida Business News

Florida Trend Video Pick

Father and daughter physicians talk about their relationship at work
Father and daughter physicians talk about their relationship at work

Father and daughter physicians, Francisco Tudela M.D. and Olga M. Tudela M.D. talk about their professional relationship.

 

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Have your summer travel plans changed as a result of inflation?

  • No, the vacation is still on!
  • Yes, it got too expensive to plan!
  • Yes, I'm now doing a staycation
  • Saving up for next year
  • I don't have any summer travel plans
  • Other (Please share your comments in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2022 Trend Magazines Inc. All rights reserved.