Michigan marina is sold, will expand
MUSKEGON, Mich. – The owners of Michigan’s 276-slip Great Lakes Marina have sold it to CNL Income Properties Inc. of Orlando, Fla., for an undisclosed price, and Marinas International of Dallas began operating the Lakeside marina last week for the new owners, the Muskegon Chronicle reported in a story yesterday.
The former owners of the Great Lakes Marina, John Bultema II and George Bailey, have also sold half of their interest in a 24-acre commercial dock adjacent to the marina to Marinas International and its principals Stan Johnson and Marshall Funk.
Johnson said plans call for the marina to be expanded with an additional 400 slips. The full-service marina already includes the existing slips, in-and-out service and indoor storage for up to 150 boats, seasonal boat storage for 600 vessels, a yacht brokerage and sales department, ships store, boat and engine repair department and a service dock for fuel and pump-out service, the newspaper reported.
Slip construction is expected to begin in 2008 after approvals from the city of Muskegon and permits from federal and state environmental regulators are obtained. Marinas International has a 20-year lease to operate Great Lakes Marina with a further 20-year option. It has retained all of the 30 Great Lakes employees, Johnson told the newspaper.
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