Daily Business Review: Change of Strategies: Buyer to Keep Fort Lauderdale Property as Marina July 8, 2015
Daily Business Review
July 8, 2015
A massive waterfront parcel just changed hands — and it isn’t going to a developer eager to build South Florida’s newest luxe condos.
This time, the whopping $147 million deal by an institutional investor will keep one of the nation’s largest boatyards in play—operating as a marina, not a residential redevelopment play—in a telling post-recession shift in waterfront land use.
“Between every cycle, they lose a couple of marinas because people turn them into condos,” said real estate attorney Dan McCawley, a shareholder in Greenberg Traurig’s Fort Lauderdale office.
But the tide could be turning.
Thursday, The Carlyle Group, a Washington, D.C.-based publicly traded global alternative asset manager, scooped up 50 acres of prime waterfront land when it acquired the Lauderdale Marine Center in a nine-figure deal with sellers Selvin Passen and business partner Morio Mito.
Julie Fisher Berry, the Stiles Realty broker associate who represented the sellers, had just sold the 13-acre Caloosa Cove Marina and Resort to investors in Monroe County.
Carlyle’s new asset is the nation’s largest yacht repair facility, able to haul and service a greater number of large vessels than any competitor. Its vast acreage includes a boatyard, marina, marine service center, 7,000 linear feet of dockage, accommodation for boats up to 200 feet, 19 covered sheds, 156 wet slips and three marine travel lifts with haul-out capacity of up to 330 tons.
But instead of going the route of other investors, who’ve razed at least half a dozen South Florida boatyards along the Miami River and Fort Lauderdale’s New River since the recession, Carlyle is holding on to its new asset in a move contrary to recent trends.