The Real Deal Miami

Carlyle Group upgrading Lauderdale marine centers

The company will invest about $10M to improve two riverfront properties it bought last year

September 10, 2016 01:00PM

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Lauderdale Marine Center

Lauderdale Marine Center

The Carlyle Group is expanding and upgrading the Lauderdale Marine Center, a 50-acre property on the south bank of the New River near downtown Fort Lauderdale.

Carlyle acquired the marine center in 2015 and subsequently obtained a $136 million mortgage loan secured by the property from Miami Lakes-based BankUnited.

A Washington, D.C.-based asset management group, Carlyle acquired Lauderdale Marine Center together with an adjacent property called the River Bend Marine Center. Carlyle expects improvements to the marine business centers to cost about $10 million.

Carlyle has a three-pronged marine business model in Fort Lauderdale: renting space for boats – which accounts for a majority of the property’s revenue  –  leasing space to marine business contractors and providing limited boat services.

Lauderdale Marine Center recently opened its Southwest Layday area, which added five paved work spaces for yachts measuring up to 150 feet long.

Lauderdale Marine Center also has a 103-slip marina and 40 above-water parking spaces for vessels longer than 80 feet, up from 35 before Carlyle bought the property.

The River Bend property at 1515 Southwest 20 Street is undergoing renovation and ultimately will be integrated with the Lauderdale Marine Center next door at 2001 Southwest 20 Street.

The upgrades to River Bend will include 86 new places on land and in water to store vessels 40 feet to 80 feet in length and more than 2,000 linear feet of docks, plus 2,100 square feet of office space and 4,000 square feet of shop-floor space.  [Sun-Sentinel] Mike Seemuth