Southern Marinas Holdings said it sold its portfolio of facilities to a publicly traded real estate investment trust.
Last year, the group — a partnership between Southern Marinas and a New York-based investment firm — completed six acquisitions to bring its total properties to a dozen marinas in Florida, Kentucky, Ohio, North Carolina, South Carolina and Tennessee.
Investors have cited growth in the marina sector, as more people buying boats has caused a jump in marina business and values. Southern Marinas chief investment officer Andrew Gendron said the company will look into additional marina acquisitions.
“The marina space has become increasingly interesting for private equity and public REITS looking to diversify their portfolios,” he said. “In addition, the boating industry metrics are the strongest they have been in the past decade, and this trend is expected to continue in 2021 and beyond.”