Safe Harbor Marinas in the US has purchased the Siesta Key Marina, the only full-service facility in Sarasota, Florida. The purchase is the Dallas-based company’s 12th Florida property and is approaching 100 properties overall, which Safe Harbor claims makes it the largest marina owner-operator in the US.

The 1.7-acre property features 243 dry storage berths, a full-service ship store, boat service and rentals and a restaurant, which will be leased and operated by the marina’s former owners. The sale price was US$2.42m, according to the Sarasota Herald Tribune.

“In the marina business, we continue to see the consolidation of family owned facilities to larger operators like Safe Harbor,” said Colliers International Leisure Property Advisors’ managing director Matt Putnam. “It’s not uncommon because larger operators can run facilities more efficiently with economies of scale.” Colliers represented both parties in the sale of the property.

The sellers purchased the property in 2016 and paid US$2.7m, according to local records.

The red tide scourge in 2018 and into 2019 financially hurt marinas along the Gulf Coast and kept many large operators from buying those properties, Colliers noted. With red tide gone, marina investors have renewed interest in Southwest Florida.

“With limited competition in the market and a property with great amenities, Siesta Key Marina is perfectly positioned for long-term success in a strong boating market,” said Dan Grovatt, a director with Colliers. “Safe Harbor recognised this and jumped at the chance to acquire another Florida marina in a unique market like Siesta Key.”