Elliott Bay Marina in Seattle has been sold for $80.5 million, according to King County public records. The marina was sold by its namesake company to Southern Marinas, a Florida-based real estate investment firm.
The marina, located at 2500-2600 W. Marina Place, is the largest private marina on the West Coast, with approximately 1,250 in water slips and 10 miles of dock, according to the marina’s website. The property was built over a course of three years beginning in 1989 and now boasts a variety of user amenities, including two restaurants, local tourism and boating businesses, 24-hour security, a fuel dock, beach access and more.
“Elliott Bay Marina was conceived and built by four local boating enthusiasts. Construction at the base of Magnolia began in 1989 after a lengthy 10 year permitting process,” the property’s website states. “The site was a shallow and exposed barren mud flat. The three year construction process began with the back-filling of the shore side bulkhead, followed by the breakwater and finally the marina.”
The marina is located near the base of Seattle’s Magnolia neighborhood along Smith Cove in Elliot Bay. From the property, boaters have access to a nearby beach, Starla Drum Bench, as well as many community parks. These include Open Water Park, Smith Cove Park and Magnolia Park. The 32nd Avenue West Boat Launch is also just down the road from the property.
The property’s new owner, Southern Marinas, has been involved in the acquisition and management of more than 50 marinas in the U.S., following the company’s founding more than 20 years ago. According to the company’s website, Southern Marinas’ assets total $1.5 billion, with properties located on both the east and west coasts, Great Lakes region and throughout various lakes in the southern U.S.
In February, the company announced the sale of its existing portfolio to an unnamed real estate investment trust to make way for the acquisition of premier marinas throughout the country, similar to Elliott Bay. The sales included marinas in Kentucky, Tennessee, Florida, North Carolina, South Carolina and Ohio. Pricing was not disclosed at the time of the sale.
“While we have a robust pipeline of potential acquisitions, we are always looking to find unique properties that will complement our new portfolio,” Andrew Gendron, chief investment officer with Southern Marinas, said at the time of the sale.