Located within one of the U.S.’s highest-barrier-to-entry markets, this acquisition furthers the real estate firm’s marina portfolio growth strategy.
Miami-based real estate investment and development firm Integra Investments, through its Integra Marinas platform, announced the acquisition of The Perry Marina in Key West’s Stock Island. Located within one of the highest-barrier-to-entry markets in the United States, this property is a trophy asset and marks the company’s eighth and largest marina acquisition to date, and fifth active marina alongside partner BLG Capital Advisors and other private investors. Terms of the sale could not be disclosed.
As a leading owner, developer and operator of marinas in key coastal growth markets along the East Coast, Integra Marinas continues to expand its marina portfolio in 2023, which is catapulted by The Perry Marina acquisition. Integra Marinas is one of the only true, turn-key real estate investors and developers in the marina sector, and this acquisition supports its trajectory and growth plan.
Located at 7005 Shrimp Road, The Perry Marina is situated on nearly 35 acres just minutes from “Old Town” Key West, providing unparalleled access to the country’s southernmost point. It is the largest deepwater marina in the Florida Keys, offering 288 wet slips constructed with state-of-the-art Bellingham floating concrete docks. Supported by a fantastic boating community and expansive amenity offerings, the marina is capable of berthing superyachts up to 350 feet in length and provides hi-speed gas and diesel fueling, a ships store, captain’s lounge, and resort-style pool.
“The Perry Marina’s location within a world-class destination for domestic and international boaters allows for some of the top fishing and nautical experiences of any coastal location, making this an anchor asset for our growing portfolio,” said Victor Ballestas, a Principal with Integra Investments. “Our strategic deployment of capital to The Perry Marina and Integra’s newest development, Wrecker’s Cay, Key West’s largest workforce housing project in over 50 years, are a testament to our commitment to the local community.”
Oasis Marinas, the premier marina management company, will manage the marina property.
Within the same community, adjacent to The Perry Marina is The Perry Hotel, which was simultaneously acquired in a separate venture by real estate investment and development company Key International; the 100-key boutique hotel will be owned and operated by Key International independently from the marina. Julie Fisher Berry and Sheila Roux, with the CBRE Marina Investments team in Fort Lauderdale, alongside Paul Weimer, Christian Charre, Andrew Pastorino, and Jennifer Jin with CBRE Hotels in Miami, represented the sellers in the transaction.
Integra Marinas is a vertically integrated owner, developer, and operator of premier marinas in exclusive boating markets. Focused on creating value for its investors, Integra Marinas has committed hundreds of millions in capital investment to date, converting existing marinas into high-performing assets, successfully maximizing revenue and profitability, and providing superior, boater-focused management. The company’s portfolio includes operating marinas in the Florida Keys, Miami, Tampa Bay, Jensen Beach, and Rhode Island.
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