Apex Marine is taking over the former Allied Marine site along the Miami River, and leaving its Fort Lauderdale location next week.
The major yacht servicing facility, with locations in Pompano and Stuart, signed a lease on the south bank of the river’s South Fork Canal, according to a press release.
Apex Marine is leaving its site on the New River in Fort Lauderdale, where a condo tower will be built, the Sun Sentinel reported. The 1.5-acre yard at 401 Southwest First Avenue in Broward sold to a company tied to Scarsdale, New York-based real estate developer Rabina Properties in 2004 for $9 million. Rabina has reportedly partnered with the Related Group in the past.
The new five-acre facility, at 2051 Northwest 11th Street in Miami, will primarily serve yachts ranging from 45 feet to 130 feet. Services to be provided include fiberglass repairs, re-powering, re-fits, steering systems, generators, electrical, plumbing, painting, carpentry, air conditioning and electronics.
Horacio Stuart Aguirre, of Dixon Commercial Real Estate, brokered the Miami River lease. South Fork Parcel 3, an LLC listing Finlay B. Matheson on its corporate records, bought the property out of foreclosure for $2.88 million in December 2012, according to Miami-Dade County property records. The Matheson family was instrumental in the development of Key Biscayne.
The new facility will open the first week of September, Aguirre told The Real Deal.
The Miami River is undergoing a transformation with new developments, such as the $300 million River Landing, a massive nine-acre development that will include apartments, retail and a linear park along the riverwalk; Shahab Karmely’s Kar Properties assemblage; restaurants; and more.