PORT 32 Marinas Announces the Acquisition of The Marina at Ortega Landing

Wednesday 8 December 2021, Amsterdam

PORT 32 Marinas, LLC ("PORT 32"), a leading owner, operator, developer, and acquirer of Class A coastal marinas, today announced the acquisition of The Marina at Ortega Landing. Situated in Jacksonville, FL, the marina is part of Ortega Landing, a luxury marina and river home development at St. Johns and Ortega Rivers. The marina consists of 192 wet slips, accommodating boats from 30 to 130 feet, in a protected cove. The marina will be renamed PORT 32 Jacksonville.

Consistent with PORT 32's strategy to acquire the highest quality docks in the core coastal market, the Ortega Wharf has an ideal Jacksonville location, with protected anchorages and a first-class Bellingham concrete floating dock system. Ortega Landing provides tenants with many convenient facilities, including a professionally designed captain's club, swimming pool and hot tub, outdoor barbecue terrace, safe dock, and various weekend activities, which together constitute the surrounding trading area and the larger and most exciting Aspiring lifestyle Pier Jacksonville. After the acquisition and the completion of the redevelopment of Fort Lauderdale and Palm Beach Gardens, PORT 32 will own and operate approximately 4,300 wet and dry slides and more than 140,000 square feet of commercial tenant space.

Joe H. Miller, IV, Chief Executive Officer of PORT 32, stated, "The Marina at Ortega Landing is an extremely well built and fully occupied wet slip marina in a core Florida market. Ortega fits well into our portfolio of Class A marina assets. We believe we are buying the best wet slip marina in the Jacksonville market both from a physical plant and amenity standpoint. The marina has a very loyal and discerning customer base which creates a unique and welcoming community environment. We embrace this lifestyle culture and intend to preserve that legacy."

Principal Steven Fass with Bixby Bridge Capital said, "We took ownership of The Marina at Ortega Landing in late 2010 and worked tirelessly with its key employees and partners over the next decade to turn it into the bustling, vibrant community that it has become. We have great confidence that PORT 32 will manage this facility exceptionally well, which is a key reason that led us to sell the marina to PORT 32.  The team at PORT 32 has been professional, timely and courteous, further instilling trust that the marina will be in great hands going forward. Delivering excellent customer service is imperative in this industry, and we're glad to see a like-minded operator focused on continuing our tradition of delivering remarkable experiences in a resort-like marina setting."

First, United Bank and Trust provided financing for the transaction.

Source: PORT 32 Marinas ( original url )

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