Safe Harbor Marinas in the US plans to buy three marinas from Old Port Cove Holdings (OPC) of North Palm Beach, Florida. Financial terms were not disclosed.
A statement said the deal will include Old Port Cove Marina, North Palm Beach Marina and New Port Cove Marine Center. These marinas can collectively accommodate nearly 650 vessels ranging in size from 20ft-200ft. The sale also includes the 48,000sq ft office/retail complex known as Cove Plaza as well as Sandpiper's Cove Restaurant and Bar at Old Port Cove Marina.
"The Old Port Cove team and their first-class collection of assets are a great addition to our portfolio," said Jason Hogg, Senior Vice President of Safe Harbor Marinas, in the statement. "We understand just how special these assets are, and we are committed to see them grow and thrive for years to come."
OPC has been a part of the Palm Beach marine industry since the early 1970s. Its marinas have been renovated from the ground up and were some of the first to receive a Clean Marina designation from the state of Florida. “One of the numerous attractions in dealing with the Safe Harbor team was their commitment to providing the highest standards of excellence, quality and customer service to the boating public,” said Richard G. Morgan, OPC president, in the statement. “This dedication from Safe Harbor closely mirrors OPC's own long established operational practice and commitment to its members and employees."