Southern Marinas, a premier owner and operator of marinas across the nation, has purchased Stock Island Yacht Club & Marina in Key West from SH Marinas 6000, LLC, an affiliate of Spottswood Companies, Inc. The sale of the marina will allow the seller to continue with its plans to develop a five-star resort and vacation rental on the retained upland portion of the property.
The marina will continue to serve as a focal point of the overall resort and, to ensure harmonious and integrated development and operation of the overall resort, Spottswood Companies has agreed to partner with Southern Marinas on the marina acquisition.
Matt Putnam, Andrew Cantor and Dan Grovatt of Colliers Leisure Property Advisors represented the seller in the transaction.
â€œWe are very excited to be partnering with Southern Marinas on the marina component of the Stock Island Yacht Club Project. The sale of the marina component to an institutional marina owner with a reputation of operational excellence is another significant step in our overall plan to development of the balance of the project site,â€ said Robert Spottswood, Jr., President of Spottswood Companies.
Stock Island Yacht Club & Marina is located at 6000 Peninsular Avenue in Key West, Fla. It is the premier full-service marina in the lower Keys with 100 wet slips that have immediate ocean access and more than 200 dry slips for boats up to 50+ feet. Currently, amenities include a waterfront pool, private beach, fitness center and sauna and restaurant, called Jackâ€™s Poolside Bar.
Currently, the marina has three waterfront villa units available for rent. The land has been approved for 148 hotel and transient townhome units that is intended to be developed by Spottswood Companies and its partners, including Brightwild, the Spottswood-affiliated vacation rental platform. The Spottswood family, a seventh-generation Key West family, worked with the Monroe County Planning Commission to rezone the marina from mixed commercial use to destination resort. Plans were approved prior to listing the marina for sale.
â€œGiven that the marina will continue to be a major component of the planned resort, it was important to the Spottswoods to partner with a buying group that could provide for the stability of future marina operations,â€ said Putnam, Senior Vice President for Colliers Leisure Property Advisors. â€œWe invited roughly 40 groups to make an offer and received written offers from eight. We also collected as much information as possible from buyers up front to help the seller make an informed decision.â€
Colliers also assisted the parties in working through obstacles related to the separation of the retained uplands portion of the property from the operating marina components, ensuring a smooth transaction.
â€œThis marina is a prime example of the strength of the marina marketâ€“particularly the demand for trophy assets in A+ markets like Key West,â€ said Putnam. â€œOf the eight offers we received, five were at or above our initial guidance for the property. We were thrilled to work with the Spottswoods and their partners on this transaction and look forward to seeing their plans for this premier property unfold.â€
Spottswood Companies plans to break ground on the resort late this year.
Kasey Brennan | True Blue Communications
(813) 625-0180 | firstname.lastname@example.org
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