Investors Eye Fort Lauderdale, Florida, Marina-Boatyard For Redevelopment
"The 11.3-acre footprint is ideal for redevelopment," said Kelly Ruff, General Manager, Fort Lauderdale Boatyard and Marina. "The shape of most boatyards and marinas can easily determine a fixed vision, but the long rectangular shape of FLBAM's waterfront property offers more than a few possible ideas for redevelopment strategy and planning."
According to Ruff, FLBAM, is located in the heart of the best Lauderdale boatyard activity and a half-mile from Lauderdale Marina Center. "Last April 2015, we changed the business model on the property and the immediate demand created an extraordinary response from the marina industry marketplace," said Ruff. "Over the past 11-months FLBAM switched from one exclusive commercial tenant (National Liquidators), to nearly 80 commercial tenants and marine contractor partnerships, increasing the monthly Net Operating Income by nearly 65 percent.
Ruff explained: "During the past few weeks, since the property was publicly listed for sale, nearly 30 interested buyers have registered and started the arduous due diligence process for a possible boatyard and marina purchase. Surprisingly, the strongest interested buyers are not the domestic industry leaders. We've had a handful of qualified international purchase inquiries. This trend in the industry -- dealing with international companies -- legitimizes the potential for long-term business development."
"During the past few months, Walter Duke and Partners has appraised the property twice. The estimated value of the property lands around $18 million," said Ruff.
"It's an exciting time for the Southeast Florida marina industry, because there is a lot of new business for everyone after a long reorganization for the industry," said Ruff. "During the historic 64-year history of this 11.3-acre property there have been many reincarnations and business models that have both failed and succeeded on this waterfront footprint. The property is succeeding again – and so, it's the right time to sell.”
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