Carlyle Group upgrading Lauderdale marine centers

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

Sep.September 10, 2016 01:00 PM

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

Related Articles

2001-2005 West Cypress Creek Road, Alex D. Zylberglait

Office complex near Fort Lauderdale airport sells for $7M

The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sells Fort Lauderdale industrial buildings

Jorge Perez and the development site

Related buys dev site in downtown Fort Lauderdale

Carlos Rodriguez Sr., Carlos Rodriguez Jr. and a rendering of Home 2/Tru by Hilton

Driftwood, Merrimac close first Opportunity Zone deal in Flagler Village

Stuart Lazier and the Wawa in Fort Lauderdale

Fort Lauderdale Wawa sells for $7M

Jorge Perez and New River Yacht Club III

Related Group nabs $48M loan for downtown Fort Lauderdale apartments

421 Northeast Sixth Street and Henry Pino

Alta scores $128M loan for Flagler Village apartments

The proposed plan for 901 Southeast 17 Street

Trion Group buys dev site near Port Everglades for $11M