PORT 32 Marinas Announces The Acquisition Of The Marina At Ortega Landing

CHARLESTON, S.C., Dec. 7, 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 The Marina at Ortega Landing. Situated in Jacksonville, FL, the marina is part of Ortega Landing, a luxury marina and river home development at the intersection of the St. Johns and Ortega Rivers. The marina consists of 192 wet slips, accommodating boats from 30 to 130 feet, in a protected cove. The marina will be renamed PORT 32 Jacksonville.

Consistent with PORT 32's strategy of acquiring the highest quality marinas in core coastal markets, The Marina at Ortega Landing features a desirable Jacksonville location with protected anchorage and a best-in-class Bellingham concrete floating dock system. Ortega Landing boasts numerous amenities for tenants including a professionally designed Captain's clubhouse, pool & hot tub, outdoor grilling patio, secure docks, and a variety of hosted weekend events, that together make for the most desirable lifestyle marina in the surrounding trade area and greater Jacksonville. Following this acquisition and the completion of redevelopments in Fort Lauderdale and Palm Beach Gardens, PORT 32 will own and operate approximately 4,300 dry and wet slips and over 140,000 SF of commercial tenant space.

Joe H. Miller, IV, Chief Executive Officer of PORT 32, stated "The Marina at Ortega Landing is an extremely well built and fully occupied wet slip marina in a core Florida market. Ortega fits well into our portfolio of Class A marina assets. We believe we are buying the best wet slip marina in the Jacksonville market both from a physical plant and amenity standpoint. The marina has a very loyal and discerning customer base which creates a unique and welcoming community environment. We embrace this lifestyle culture and intend to preserve that legacy."

Principal Steven Fass with Bixby Bridge Capital said, "We took ownership of The Marina at Ortega Landing in late 2010 and worked tirelessly with its key employees and partners over the next decade to turn it into the bustling, vibrant community that it has become. We have great confidence that PORT 32 will manage this facility exceptionally well, which is a key reason that led us to sell the marina to PORT 32.  The team at PORT 32 has been professional, timely and courteous, further instilling trust that the marina will be in great hands going forward. Delivering excellent customer service is imperative in this industry, and we're glad to see a like-minded operator focused on continuing our tradition of delivering remarkable experiences in a resort-like marina setting."

First United Bank and Trust provided financing for the transaction.

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, [email protected]  

SOURCE Port 32 Marinas