CHARLESTON, S.C., Aug. 10, 2021 /PRNewswire/ -- PORT 32 Marinas,
LLC ("PORT 32"), a leading owner, operator, developer and acquirer
of Class A coastal marinas, today announced the acquisition of
three marinas located in Naples,
Marco Island and Cape Coral, Florida (the "Walker Marinas")
from Walker Marine Group. The transactions mark the first
acquisitions to close following the completion of PORT 32's
previously announced recapitalization led by New York-based investment firm Fireside
Investments.
The Walker Marinas include approximately 1,015 slips and offer a
variety of marine-related amenities. Each marina also features
on-site sales and service operations by OneWater Marine Inc.
(NASDAQ: ONEW) as a long-term commercial tenant.
Consistent with PORT 32's strategy of acquiring the highest
quality marinas in core coastal markets with a focus on highly
desirable dry storage facilities, the Walker Marinas provide stable
and recurring storage income, as well as commercial lease income
from a well-established and highly respected sales and service
tenant. Following the completion of the acquisitions and the
completion of redevelopments in Fort
Lauderdale and Palm Beach
Gardens, PORT 32 will own and operate approximately 4,100
dry and wet slips and over 140,000 SF of commercial tenant
space.
Joe H. Miller, IV, Chief
Executive Officer of PORT 32, stated, "We are delighted to welcome
the Walker Marinas, their employees and customer base to PORT 32.
These are high quality assets which fit tremendously well with our
strategy of acquiring best in class facilities in each of our
target markets. Our operating approach and focus on customer
service align well with the way Jim
Walker has run these marinas."
Walker, President and CEO of Walker Marine Group, said "I am
very pleased to see my marinas go to PORT 32. It gives me great
comfort to know that my customer base will continue to be served by
a like-minded operator, focused on delivering a great customer
service experience consistent across all marinas. PORT 32 has been
professional and courteous throughout the transaction, and Joe and
his team have not waivered from their commitments to me as a seller
since the beginning of our interaction."
ABOUT PORT 32
Based in Charleston, South
Carolina, PORT 32 Marinas is a leading owner, operator,
developer and acquirer of dry and wet slip coastal marina assets.
PORT 32 provides expertise in the development and management of
marina assets to bring customers an unparalleled level of service
within the marina industry. PORT 32 owns and operates a growing
collection of irreplaceable Class A marina assets in premier
markets. For more information, please visit us at
https://port32marinas.com.
CONTACTS
Rebecca McMenemy, PORT 32,
843.576.2499, rm@port32marinas.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/port-32-marinas-announces-the-acquisition-of-three-marinas-from-walker-marine-group-301352333.html
SOURCE Port 32 Marinas