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more marinas sold to investor
Real estate investors continue to pour into the local
marina business. The latest deal to churn the waters occurred
off Johns Island.
Property records show that Buzzard's Roost Marina and
Stono Marina, on either side of the Stono River bridge
along Maybank Highway, changed hands earlier this month.
They fetched $13.2 million and $8.8 million, respectively.
The buyer was Stono Marina Partners LLC, a Washington,
D.C.-based company. Officials could not be reached for
comment last week.
The firm paid about $62,353 for each of the roughly 340
boat slips. At that price it's a fair bet they will be
sold off individually as "dockominiums." The
two marinas also include six acres of high waterfront
land, 95 acres of marsh and the Noisy Oyster seafood restaurant.
That deal comes in the wake of Creekstone Capital's recent
purchase of Duncan's Marina on the Ashley River in North
Charleston. Terms of the sale were not available Friday.
The full-service facility has been renamed RiversEdge
Marina and is being managed by a Creekstone affiliate.
It includes 60 wet slips and 220 dry-stack units.
Creekstone is based out of Houston and Baton Rouge, La.
Stephen Keller, president, said his firm has been involved
in Charleston real estate for the last four years, including
the condominium conversions at Bay Club Sea Lofts and
East Bridge Town Lofts, both former apartment complexes
in Mount Pleasant.
At RiversEdge, the firm said it plans to "invest
the resources necessary for extensive upgrades and future
expansion, including replacing the docks, landscaping
and renovating the patio, shower area and bathrooms."
Fueled by the condo concept, local marinas are being
sold port and starboard. The trend has stirred up concerns
that the Charleston rental pool is being quickly drained,
leaving fewer storage options for boaters who can't afford
their own slip.
