Wilmington business acquires Hampstead's Sloop Point Marina
After more than a decade of having success in the boating industry, Off The Hook Yachts is looking forward to expanding in the Topsail region of Pender County.
The Wilmington-based business founded by Jason Ruegg purchased Sloop Point Marina, a 235-boat dry-stack facility in Hampstead. With Hampstead growing rapidly because of its close proximity to Wilmington and the beaches of Topsail Island, Ruegg took advantage of the opportunity. Construction of the Hampstead bypass, which will help cut down traffic congestion, is another plus.
"I feel pretty good about the whole Hampstead area," he said. "I see what boat slips are worth in Wrightsville. I don't think we're going to be too far behind that here, in the next 5 to 10 years."
Located at 579 Lewis Road, the property was previously owned by the Logan Developers Inc., a Belville-based business. Off The Hook acquired the property in December.
For Off The Hook, Ruegg said it's also a good investment since no other places nearby can support another dry stack facility.
"This is like the one spot where something like this can be done," he said. "It's nice looking around and there's not another place where someone can do something like this. As thousands and thousands of people move to the area, we have some of the last remaining slips in the area. It's pretty much the same deal with Wrightsville Beach and Wilmington. There are no other places to do something like this."
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The marina on Intracoastal Waterway offers modern style 20- to 30-foot dry rack storage spaces for lease. Some of the other amenities include a store offering refreshments and supplies, mobile fueling, and two lifts.
Located near the Hampstead Boat Ramp, Off The Hook is now leasing space, accepting reservations, and offering a special for customers to move their boats in now without paying rent until March 1.
"Our goal is to get this rented quickly as we possibly can," he said while talking about the incentives.
Off The Hook is planning to add full service, boat sales, and an event space in the future. One of the ideas for local boat owners is to have showcase events.
With 12 other locations in the U.S., the business offers wholesale purchasing services for brokers, boat dealers, and private individuals. In addition to Wilmington, offices are also located in Wrightsville Beach, Maryland, New Jersey, and Florida.
According to Off The Hook officials, they operate the largest wholesaling business in the country. Off The Hook acquires approximately $100M in used boats annually.
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This article originally appeared on Wilmington StarNews: Wilmington business acquires Hampstead's Sloop Point Marina
