The Real Deal Miami

Marina Inn at Ocean Reef Club sells for $20M

Developer plans 30 new luxury condos on site

December 31, 2014 01:30PM

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Marina Inn

Marina Inn

 The Marina Inn property at Ocean Reef Club in Key Largo has sold for $20 million, in one of the largest commercial real estate transactions at the exclusive club.

George Pino, president of State Street Realty, and William Dickinson, broker associate at Ocean Reef Club Real Estate Company, represented the buyer, Marina Inn Land, in the deal. Russell Post Sotheby’s International Realty represented the seller, according to GlobeSt.

The buyer plans to redevelop the Marina Inn site with 30 new luxury condo units. The three-acre property includes 750 feet of waterfront and currently consists of eight large two-bedroom rental properties.

Commercial real estate players have been active in the Florida Keys this year. In September, two beachfront resort and marina assets in Islamorada traded hands: The Postcard Inn Beach Resort & Marina at Holiday Isle; and the La Siesta Resort & Marina. And in August, a five-hotel portfolio in the Florida Keys was sold to Delray Beach-based Ocean Properties. The 516-room portfolio included the Courtyard Key Largo, Holiday Inn Key Largo, Marina Del Mar Resort & Marina, and Marriott Key Largo, as well as the Travelodge & Suites Bayside Resort in Key West, according to GlobeSt. [GlobeSt.] — Ina Cordle

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