Ortega Landing Marina Sold

[Larry M]

Ortega Landing Marina, JAX, FL has been sold. The local rumor mill was that Safe Harbor was going to be the buyer but it turns out it’s Pier32 based in Charlestown. It could be a good fit. Pier32 seems to own/manage first class operations and this will add to their portfolio in FL. So far there are no staff changes and rates probably aren’t going up (for a while) since they are already at the top of the local market. Time will tell.

https://www.jaxdailyrecord.com/article/the-marina-at-ortega-landing-sells-for-dollar12-75-million

https://port32marinas.com/news/port...-acquisition-of-the-marina-at-ortega-landing/

 

[BandB]

Ortega Landing Marina, JAX, FL has been sold. The local rumor mill was that Safe Harbor was going to be the buyer but it turns out it’s Pier32 based in Charlestown. It could be a good fit. Pier32 seems to own/manage first class operations and this will add to their portfolio in FL. So far there are no staff changes and rates probably aren’t going up (for a while) since they are already at the top of the local market. Time will tell.

https://www.jaxdailyrecord.com/article/the-marina-at-ortega-landing-sells-for-dollar12-75-million

https://port32marinas.com/news/port...-acquisition-of-the-marina-at-ortega-landing/

That will give them 8 owned marinas in FL and 3 managed in SC. A lot of drystack in their portfolio, in fact the majority is.

They were Atlantic Marine Holdings until a name change in 2018. They recapitalized in August 2021 and I guess that enabled this purchase. Fireside Investments stepped in joined by D1 Capital Partners and Makena Capital Management and others.

Point I would make is they are decidedly not a marina company but an investment vehicle. Just look at their key employees and you see the emphasis. They're moving to expand, but in the business they're in, the ultimate goal is often to build and then sell.

Short term I see no impact at Ortega, but I'm not impressed with their holdings at this point as their limited experience with full wet slip marinas.

As a small example of my hesitancy toward them. In October 2018, they announced the purchase of a facility in Fort Lauderdale. It's up the New River beyond LMC. It was largely a self service yard. They said, "We look forward to delivering the yacht service facility by the end of this year and the upland boatyard and drystack in late 2019".

Well, they announced the opening of the in-water service facility in May, 2019 vs the projected 2018. The 150 ton travel lift originally promised is now talked about in the next phase. Then they just announced in September 2021, that they are breaking ground on the drystack facility that they projected would be completed in 2019. Clearly they were undercapitalized and while they've gotten what they need for this phase perhaps, likely to need far more along the way.

Sorry, but color me skeptical of Port 32. Not likely to impact Landing at Ortega customers right now.

And a few reports I've heard on their management of Ashley haven't been good.

 

[Osprey69]

We are here now and current staff are optimistic. We will provide updates as needed.

 

[4fun1]

We were there in the beginning of November and it was one of the best marinas we stayed at. Hope it doesn't change. We were planning on stopping there on the way north in the spring.

 

[Larry M]

… it was one of the best marinas we stayed at. Hope it doesn't change...

I agree, it was/is one of the best marinas we’ve ever stayed in.

I’m not sure Pier32 is buying the marina to sell. OLM is occupied and priced at the upside for slips in the area for now. The opportunity for Pier 32 however is the undeveloped 2.3 acres that was part of the sale. The plan from 2005(?) was for an additional 24 and 8 unit condos plus another swimming pool which were never built (the 8 unit condo that was built was separated and is independent). Residential development will happen at the marina. How, when and in what shape or form, who knows, but it will be a mess for the marina tenants when it does.

 

[BandB]

I agree, it was/is one of the best marinas we’ve ever stayed in.

I’m not sure Pier32 is buying the marina to sell. OLM is occupied and priced at the upside for slips in the area for now. The opportunity for Pier 32 however is the undeveloped 2.3 acres that was part of the sale. The plan from 2005(?) was for an additional 24 and 8 unit condos plus another swimming pool which were never built (the 8 unit condo that was built was separated and is independent). Residential development will happen at the marina. How, when and in what shape or form, who knows, but it will be a mess for the marina tenants when it does.

It's "Port32". They are buying the marinas as investments but as an investment company themselves owned by several venture capital firms, the ultimate plan in most cases is to at some point cash out on what they've built. Their expertise is in investing, not in operating marinas. They will continue to acquire investment funds to try to add to the marinas, things like the condos you speak of. I wouldn't be surprised to see them add dry stack storage there too as that's a heavy concentration for them. Ortega would be there largest purchase so far in wet slips.

To continue growth, they will need to continue to seek more funding and the investors will one day look to get their investments back plus appreciation.

Ultimately, how that works out for tenants, is unpredictable. Years from now, it often depends on who the next buyer is. Short term it depends on a few things. One is the ability of the owners to manage, to really understand the business, to keep good people or bring them in. Another it depends on is the owners ability to continue to get the funding needed. Last, it depends a bit on the business attitude of the owners. Are they they type to build and make their assets stronger, to improve and provide service or are they the type to run as cheaply as possible and do very little to maintain high quality.

There is very little history with Port32 so I think it's impossible to know the answer to the type custodian they are for their acquisitions. All I know at this point is in Fort Lauderdale, they failed to meet every projection they made and still haven't completely their 2019 plan.

I will also tell you that in other places there are very mixed reviews but some very concerning reviews that Ortega slip owners need to be aware of. Dry storage issues don't impact Landing at Ortega owners but they've long had issues of being slow on retrieving and launching at the marinas they've owned longest and failing to pay for damage they caused even though promising to. Then another to be very aware of. They have shown a great willingness to sue to collect when persons on annual slip leases but paying monthly sold their boat and stopped paying. Not wrong on their part. That's what you signed. But just be aware they will hold you firmly and will sue you if necessary. Suing tenants who sold their boats for the remaining 3 months after they removed the boat is legally proper but not at all common.

 

[skyhawk]

Sorry for the sidetrack...but that place sure has changed! A friend of mine used to keep a Catalina 22 sailboat there...back when it was more of a boatyard type place about 20 years ago. Had some good times sailing with him out of there....

 

[BandB]

Sorry for the sidetrack...but that place sure has changed! A friend of mine used to keep a Catalina 22 sailboat there...back when it was more of a boatyard type place about 20 years ago. Had some good times sailing with him out of there....

You may be confusing the Marina at Ortega Landing with Ortega River Marina.

 

[Candee]

I am new here is this a trawler site 20,454 post in eight years seven a day every day do you even own a trawler

 

[BandB]

I am new here is this a trawler site 20,454 post in eight years seven a day every day do you even own a trawler

No. Do you, Sharon? Don't own a trawler. A good number of participants here don't but owner other boats that they cruise a lot, as we do. Just different boats and different speed. Glad you joined so you could count and divide the posts into days as your contribution to the forum. Make sure you count our posts today. Actually two of us posting, so if your calculations are correct about 3.5 posts each per day.

If you can explain how your post contributed to this thread, I'd greatly appreciate it. I assume you're not familiar with the Marina at Ortega Landing. We are.

 

[BruceK]

I am new here is this a trawler site 20,454 post in eight years seven a day every day do you even own a trawler

Are you really,truly,hand on heart,"new here"?

 

[Comodave]

I don’t own a trawler now. I used to but owning a trawler isn’t a requirement for participating in the forum, however being polite is. Try it, please.

 

[mvweebles]

I am new here is this a trawler site 20,454 post in eight years seven a day every day do you even own a trawler

Welcome aboard Candee! We have another "Sharon" also from Vancouver WA whose screen name is Bugaboo. Perhaps you're related? DNA certainly seems similar....

Peter

 

[ranger58sb]

I am new here is this a trawler site 20,454 post in eight years seven a day every day do you even own a trawler

If you came here expecting all members to be trawler owners.. you came to the wrong place.

No one expects perfection, but sentences (with actual periods) are easier to read. Paragraphs are useful on longer posts.

-Chris

 

[Larry M]

Sorry for the sidetrack...but that place sure has changed! A friend of mine used to keep a Catalina 22 sailboat there...back when it was more of a boatyard type place about 20 years ago. Had some good times sailing with him out of there....

Ortega Landing Marina was built where the Ortega River Boat Yard was. From the old pictures I’ve seen, it was old Florida for sure.

 

[2savage]

I assume you're not familiar with the Marina at Ortega Landing. We are.

I can see Ortega Landing just aft of me. I'm still at Orgeta River Marina, next door. And yes, I do own a trawler. (Two actually but the Ranger 29 now has an offer on it so hopefully I'll be back to just one).

I would also like to point out to newbies, owning a trawler is NOT a prerequisite for being a member of this community. But a good attitude, open mind and a kind heart are essential.

 

[guy with a boat]

Welcome aboard Candee! We have another "Sharon" also from Vancouver WA whose screen name is Bugaboo. Perhaps you're related? DNA certainly seems similar....

Peter

Busted. That didn’t take long.

 

[BandB]

I can see Ortega Landing just aft of me. I'm still at Orgeta River Marina, next door. And yes, I do own a trawler. (Two actually but the Ranger 29 now has an offer on it so hopefully I'll be back to just one).

I would also like to point out to newbies, owning a trawler is NOT a prerequisite for being a member of this community. But a good attitude, open mind and a kind heart are essential.

That response of mine was not directed to you.