Integra Investments announced this week that it had finalized the deal to acquire Sea Isle Marina from Florida East Coast Realty, LLC, the original developer of the property. Integra, which has a marina investment arm of its portfolio, did not disclose the purchase price. It has retained Oasis Marinas to manage the property.
Located directly behind the Biscayne Bay Marriott on Bayshore Drive, Sea Isle is at the heart of the arts and cultural district on the north east side of Miami. It is perhaps known best as being the former and now-renewed again site of the annual Miami International Boat Show. The last boat show was hosted there in 2014 but will return again in 2022. Sea Isle has 175 slips and the ability to handle larger yachts with slips large enough to accommodate ships up to 110 ft. In addition to short and long term dockage, the Marina has a convenience store, a fuel dock and services like boat cleaning onsite. A recent review of Sea Isle said:
Great location, within 5 minute walk of a Publix, close to shopping and dining. Some noise from partiers on the dock, and occasional rocking from large boat wakes, but none of it too bad. Very competitive rate for the area!
Though an older review from a boater on Marinas.com noted some challenges with the property.
Integra Investments is a Miami-based private equity and full service real estate development company. To date, their acquisitions and development has exclusively focused on Florida properties. They've cited the opportunity to redevelop and optimize Sea Isle's performance as the primary motivator for the acquisition. In an interview with The Miami Herald, Integra principal Matthew Juall added:
“With ongoing demand for marina redevelopment amongst those investing in this space, the acquisition of this trophy marina asset marks our strategic growth trajectory in coastal markets and strengthens our competitive position in the sector."
Integra has chosen Oasis Marinas to manage the property after acquisition. Oasis operates a wide collection of marinas across the continental United States. The marina management company offers services including design and build strategy, inventory management, staff training, and marketing.
The new owners and managers have already announced plans to redevelop the property including adding new boat lifts and a new fuel system. Looking at their other managed properties, Oasis is likely to modernize the booking process and underlying management systems too. You can check out the changes yourself at the 2022 Boat Show in February.