‘America’s Southernmost Marina’ Trades for Nearly $40M
An aerial view of Key West Harbour.
KEY WEST, FL—The southernmost marina facility here—Key West Harbour—has sold in a deal valued at $39.4 million to locally-based Spottswood Companies, Inc.
The marina facility on 13.1 acres at 6000 Peninsular Ave., known as “America’s Southernmost Marina,” was sold by iStar Inc., which was represented in the deal by Avison Young principal George Vail.
Completed in 2008, Key West Harbour features 99 wet slips, 375 indoor dry racks, 13 outdoor dry racks, and six workforce and market rental apartment units. The Class A hurricane-rated marina also offers several amenities including a clubhouse that features a full-service restaurant and pool, event space for weddings and a private beach.
The buyer Spottswood Companies and its affiliates have developed, manage and/or own interest in numerous hotel, timeshare, marina and commercial properties in the Florida Keys and throughout the United States.
“Stock Island has traditionally been known as a commercial fishing destination and is emerging as a tourist, luxury hotel, boating, and recreational fishing mecca,” says Avison Young’s Vail. “Key West Harbour is a rare high-quality asset that offers strong in-place cash flow and potential for rent increases and redevelopment opportunities.”
Vail notes that the damage caused by Hurricane Irma in September 2017 caused a pause in investment within the Florida Keys. However, the economic advantages and geographic anomalies the area possess remained, and that has prompted a significant rebound in activity of late, Vail notes.
New construction, redevelopment, or recently-traded projects in the area in addition to Key West Harbour have included: Oceans Edge Hotel & Marina, The Perry Hotel and Stock Island Marina Village.
