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HomeMy WebLinkAboutSubmittal-John Kearns-South Florida Business Journal Article5/4/2021 Carlyle Group (Nasdaq: CG) sells Lauderdale Marine Center to Safe Harbor Marinas - South Florida Business Journal Please Sign In and use this article's on page print button to print this article. COMMERCIAL REAL ESTATE Lauderdale Marine Center, one of South Florida's largest marine businesses, sells for $340M Safe Harbor Marinas acquired Lauderdale Marine Center in Fort Lauderdale SAFE HARBOR MARINAS IN THIS ARTICLE Lauderdale Marine Center Company Safe Harbor Marinas LLC Company Baxter Underwood Person By Brian Bandell Senior Reporter, South Florida Business Journal 8 hours ago Safe Harbor Marinas said it acquired Lauderdale Marine Center in Fort Lauderdale for $340 million. CRP LMC Prop Co LLC, an affiliate of Carlyle Group (Nasdaq: CG), sold the nearly 60-acre marina at 2001 S.W. 20th St., along the New River, to Dallas -based Safe Harbor Marinas. County records show two deeds for a combined $157 million were issued to SHM LMC LLC, an affiliate of Safe Harbor Marinas. Often when an operating business is U Y N L 63 CD v -C o ++ L 0 O � 730 o E00 _0 w to 0 https://www.bizjournals.com/southflorida/news/2021 /05/04/1auderdale-marine-center-sold-for-340m.html 1/8 8'432 �brn��- �• ' I- U ✓) KeAins Jvv1-i1 FI�fida 6ii5iness,.JO*uIna� is/-�,> 5 5/4/2021 Carlyle Group (Nasdaq: CG) sells Lauderdale Marine Center to Safe Harbor Marinas - South Florida Business Journal sold, only part of the price is reflected in the value of the real estate. Washington, D.C.-based Carlyle Group acquired Lauderdale Marine Center in 2015 for a reported $140 million and performed $35 million in upgrades. The marina can handle vessels as large as 200 feet. It has 106 boat slips and a host of amenities, including a crew lounge, a restaurant, a floating bar and a fitness center. The marina has more than 100 full-time employees and hosts hundreds of people who work for tenants and independent contractors, making it one of the largest marine employment centers in South Florida. 0©00000 South Florida Marine Industry Businesses - Employees Ranked by No. of employees Rank Company JL Audio MarineMax Wartsila North America No. Of Employees 416 310 270 View This List "LMC is now connected to our network of superyacht facilities at West Palm Beach, Riviera Beach, Old Port Cove, Charleston City, and Newport Shipyard and will help us further grow along the East Coast by providing a world class 60-acre service and repair facility for our members," said Baxter Underwood, CEO of Safe Harbor. Safe Harbor Marinas owns 115 marinas in 22 states. Carlyle Group made big changes to the property before its latest trade. There has been strong demand for boating during the Covid-1g pandemic, as outdoor activity was deemed safer early on in the health crisis. What's more, there has been https://www.bizjournals.com/southflorida/news/2021/05/04/lauderdale-marine-center-sold-for-340m.html 2/8 5/4/2021 Carlyle Group (Nasdaq: CG) sells Lauderdale Marine Center to Safe Harbor Marinas - South Florida Business Journal little development of new boat slips and repair facilities in South Florida, further driving up the price of this property. Although there have been more boats sold, a shortage of U marine facilities to meet demand is expected to continue. NI a5 U Q N z ▪ U Sign up here for the Business Journal's free morning and c }' afternoon daily newsletters to receive the latest business v news impacting South Florida. For more business o q • v 0 intelligence, follow us C v) o on Linkedln, Facebook, Twitter and Instagram. 0000000 South Florida Marine Industry Businesses - Employees Ranked by No. of employees Rank Company JL Audio MarineMax Wartsila North America No. Of Employees 416 310 270 View This List t DEADLINE: FRIDAY, AUGUST 6, 2021 2021 Structures Awards Big deals. High stakes. Handsome reward. These high -profile awards recognize the best real estate deals between June 2020 and June 2021 and the movers and shakers who made them happen. Nominate today! RELATED CONTENT Crane Watch map expanded to Miami Beach, 52 development projects added Doug West on the evolution of Lauderdale Marine Center Julie Berry leaves Stiles to lead marina group at CBRE https://www.bizjournals.com/southflorida/news/2021 /05/04/1auderdale-marine-center-sold-for-340m.html 3/8 5/4/2021 Carlyle Group (Nasdaq: CG) sells Lauderdale Marine Center to Safe Harbor Marinas - South Florida Business Journal Ask Related waterfront project eight years in the making breaks ground Marina on Miami River sells for $11M MORE FOR YOU Private Catholic school buys Doral warehouse for $13M MetLife sells trio of Miami office buildings for $110M Lennar seeks CEO buys LeBron expansion of James' former development on mansion in Miami former Westview golf (Photos) course Home buyers, beware: 'Views are not guaranteed' Latest Listings 2021 Power Leaders in Real Estate (Part 2) kaus More > More > E o C •— L -a 0 0) c O 0) L V) c-i 0 N Lcs �rl O C 0 https://www.bizjournals.com/southflorida/news/2021 /05/04/1auderdale-marine-center-sold-for-340m.html 4/8 5/4/2021 Carlyle Group (Nasdaq: CG) sells Lauderdale Marine Center to Safe Harbor Marinas - South Florida Business Journal SPONSORED SPONSORED REO Generational South The Best Commercial Beach Asset - 226 Lincoln Property South Florida Road has to Offer Back to Top - SOUTH FLORIDA BUSINESS JOURNAL User Agreement I Privacy Policy Your California Privacy Rights I Ad Choices © 2021 American City Business Journals. 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The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals. https://www.bizjournals.com/southflorida/news/2021 /05/04/lauderdale-ma ri ne-center-sold-for-340m.html 5/8 5/4/2021 Carlyle Group (Nasdaq: CG) sells Lauderdale Marine Center to Safe Harbor Marinas - South Florida Business Journal https://www.bizjournals.com/southflorida/news/2021 /05/04/1auderdale-marine-center-sold-for-340m.html 6/8 5/4/2021 Carlyle Group (Nasdaq: CG) sells Lauderdale Marine Center to Safe Harbor Marinas - South Florida Business Journal record for item(s) SP.2 on 05-06-2021, City Clerk https://www.bizjournals.com/southforida/news/2021/05/04/Iauderdale-marine-center-sold-for-340m.html 7/8 5/4/2021 Carlyle Group (Nasdaq: CG) sells Lauderdale Marine Center to Safe Harbor Marinas - South Florida Business Journal https://www. bizjournals. com/southflorida/newsl2021 /05/04/Iauderdale-marine-center-sold-for-340m.html 8/8