Port 32 Marinas announces the acquisition of three marinas from Walker Marine Group
by Port 32 Marinas 12 Aug 2021 08:41 PDT
Port 32 Marinas Naples © Port 32 Marinas
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."
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