SARASOTA, Fla. – (Jan. 28, 2020) – Colliers International’s Leisure Property Advisors team has brokered the sale of Siesta Key Marina in Sarasota, the only full-service marina in the city. Safe Harbor Marinas, the nation’s largest marina owner-operator, purchased the property from the Dentici and Eggebrecht families for an undisclosed price.
The sellers will continue to run the Spearfish Grille restaurant and the marina’s boat tour service, leasing those spaces from the new owners.
The marina is located at 1265 Old Stickney Point Road on the south side of the Stickney Point Bascule Bridge. The property includes 243 dry storage racks, a full-service ship store with bait, fuel and fishing tackle, restaurant, onsite boat service and boat rentals.
Colliers International’s Leisure Property Advisors team, led by Andrew Cantor, Managing Director; Matt Putnam, Managing Director; and Dan Grovatt, Director, represented both parties in the transaction.
“With limited competition in the market and a property with great amenities, Siesta Key Marina is perfectly positioned for long-term success in a strong boating market,” Grovatt said. “Safe Harbor recognized this and jumped at the chance to acquire another Florida marina in a unique market like Siesta Key.”
Safe Harbor Marinas is the largest owner and operator of marinas in the United States and is closing in on 100 marinas nationwide. The company is currently acquiring storage-centric facilities to build its network of marinas across the country. This will be its 12th location in Florida.
“In the marina business, we continue to see the consolidation of family-owned facilities to larger operators like Safe Harbor,” said Putnam. “It’s not uncommon because larger operators can run facilities more efficiently with economies of scale.”
In 2018 and 2019, red tide put a damper on the financial performance of marinas on the Gulf Coast, and this kept many large marina operators from looking to purchase properties along the Gulf Coast. Grovatt notes that this hesitancy to buy along the Gulf Coast has dissipated and buyers have a renewed interest in this part of the country.
“The Colliers team was great to work with,” said Andy Eggebrecht, former owner of Siesta Key Marina. “They have a lot of experience with marina sales and have inroads with a lot of the big marina companies, which made the process quite smooth for us.”
Siesta Key Marina will be renamed Safe Harbor Siesta Key.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.