CHARLOTTE, N.C. – Morningstar Properties, LLC, in its joint venture with Harrison Street Real Estate Capital, has acquired the Golden Isles Marina located in St. Simons, Ga., Morningstar said in a release today.
The Golden Isles Marina acquisition is the fourth marina joint venture between Morningstar and Harrison Street. Golden Isles Marina and its neighbor the Boathouse at Golden Isles, another Morningstar Marina, are located on adjoining parcels and will be combined into one facility.
"We are delighted to announce Golden Isles Marina as the most recent member of the Morningstar Marinas family," said Dave Benson, president of Morningstar. "This is an exciting chance for us to combine two exceptional marinas, expand our presence in Georgia and to partner with Harrison Street on a marina transaction. The Golden Isles and the surrounding southeast coastal Georgia area is a burgeoning boating market and this property enables us to improve our position to serve the recreational needs in the region."
With the addition of Golden Isles Marina, Morningstar owns and operates over 2,800 dry and wet berths covering four states in the Southeast. The company plans to continue to acquire, develop and redevelop marina properties from Maryland to Florida.
"We are looking forward to growing our relationship with Morningstar,” Harrison Street Principal, Robert Mathias, said. “With the success of our self-storage venture, it was a natural extension to migrate with them into an additional asset class. The marina industry fits with our strategy of investing in specialty asset classes with their own unique demand drivers."
During the next three years, the venture anticipates to develop and acquire self-storage and marina properties with a portfolio of assets valued at over $200 million, according to the press release.
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