A Dallas-based family with a long history in the marina industry has purchased Keystone Harbor in Mannford, Oklahoma, for an undisclosed price. The marina is located 23 miles west of Tulsa on Keystone Lake at 1989 CrossTimbers Harbor Lane.
Keystone Harbor is one of the newest marinas in Oklahoma with 244 wet slips and approvals to expand to over 400 wet slips. The 25-acre property also includes an RV park with 50 sites that can be expanded as well, an RV/Airstream rental business, boat rentals, and The Harbor Grill, a popular dockside restaurant.
Andrew Cantor, Matt Putnam and Dan Grovatt of the Colliers Leisure Property Advisors team represented the seller, Ron Howell, in the transaction. The buyer represented themself in the transaction.
“We were delighted with the process that the Colliers team ran for us in the sale of Keystone," said Ron Howell, principal, Keystone Harbor, LLC. "They delivered a result that well exceeded our family’s expectations.”
Keystone Harbor opened in 2013 and was built on land owned by the U.S. Army Corps of Engineers, leased by the city of Mannford and sublet to project’s developer through a public-private partnership.
Keystone Harbor offers boat slips that extend from 26 feet in length to 80 feet. Slip holders are provided 24-hour security, WiFi access, private restrooms with showers, free laundry center, courtesy dock and golf carts, permitted lounge and patio space, available concierge services, trailer storage, and dock attendants. Onsite boat service and maintenance is also provided through a third-party tenant.
“The market has a strong appetite for marinas and newer, high-quality facilities are particularly attractive," said Andrew Cantor, Managing Director, Leisure Property Advisors, Colliers. "Keystone Harbor also has strong upside potential with approvals for a significant expansion that offers real value to the next owner, given that the marina is fully occupied with a waiting list.”
The expansion potential of the marina made Keystone very attractive for investors. The buyer intends on adding slips and RV spaces as part of its business plan to enhance the property.