The Real Deal Miami

Three marinas in North Palm Beach and Riviera Beach sell for $61M

Safe Harbor Marinas bought the 650-slip portfolio
By Amanda Rabines | March 02, 2018 12:30PM

2474 South Ocean Boulevard and Richard Chaifetz (Credit: Google and Wikipedia)

The market for marinas in South Florida is heating up.

Old Port Cove Holdings Inc., led by Richard Morgan, just unloaded three marinas in North Palm Beach and Riviera Beach for about $61 million, property records show. The buyer is an affiliate of Safe Harbor Marinas, a major international owner and operator of marinas.

The sale includes two marinas in North Palm Beach: Old Port Cove Marina at 116 Lakeshore Drive for $33.45 million and North Palm Beach Marina at 1037 Marina Drive for $19.2 million.

In Riviera Beach, Safe Harbor Marinas paid $8 million for the New Port Cove Marine Center at 255 East 22nd Court.

The deals include a 48,000-square-foot office and retail complex known as Cove Plaza, and the waterfront Sandpiper’s Cove Restaurant and Bar at Old Port Cove Marina, according to a release. The 650-slip deal breaks down to about $93,300 per boat slip.

Records show Old Port Cove Holdings paid at least $10.2 million for the properties between 1970 and 1980, when the company began assembling its marina portfolio in Palm Beach County.

Earlier this month, real estate developer and investor Christopher Partridge, along with his family’s Pompano Beach-based Partridge Equity Group, filed plans with the city to rezone the site of the Pennell’s Marine in Deerfield Beach.

Meanwhile in Virginia Key, plans to redevelop two city-owned marinas are still underway after months of multimillion-dollar bidding wars between developers vying for the property.