Morningstar buys another marina

JACKSONVILLE, Fla. – Morningstar Properties LLC has purchased Jacksonville Marina in Mayport, Fla., for an undisclosed price and intends to make “significant capital improvements,” the Jacksonville Business Journal, reported in a recent story.

The marina has two dry-rack storage buildings with the capacity for 210 boats, 10 open wet slips, a showroom, ship store, service building and fueling system. Morningstar said it plans to dredge, replace the bulkhead, install new docks and improve the appearance of the property, according to the story.

The improvements will cost about $1.2 million, Matthew Shapiro, Morningstar’s assistant vice president, told the Business Journal.

“We would like to be done by July and we’re starting it as soon as the permits are transferred,” he said.

Morningstar bought the marina as part of a joint venture with Harrison Street Real Estate Capital. The Jacksonville acquisition is the fourth for the joint venture, and the 10th in Morningstar’s marina portfolio, according to the story.

Morningstar plans to make more acquisitions and is looking at marinas from Maryland to the southern tip of Florida. The goal is to have 25 marinas by 2012 with an acquisition value of $250 million, Shapiro told the Business Journal.

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