The historic 64-year-old boatyard and marina property in Fort Lauderdale formerly known as Jackson Marine was listed for sale.
"The 11.3-acre footprint is ideal for redevelopment," Fort Lauderdale Boatyard and Marina general manager Kelly Ruff said in a statement. "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."
"Last April 2015 we changed the business model on the property, and the immediate demand created an extraordinary response from the marina industry marketplace," Ruff said. "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.
"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,” Ruff said. “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," Ruff said.
"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," Ruff said. "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."