A Pompano Beach marina sold for $6 million, amid growing interest in the city’s waterfront development.
A SunTrust fund managed by Allison McLeod sold the 27,295-square-foot marina at 651 South Federal Highway for $219 per square foot, records show. Baldridge-Renton LLC, managed by Baldridge Properties of Naples, Florida, purchased the property.
The marina generated $602.8 million in revenue in fiscal 2018, according to a LoopNet listing. The property is home to Grande Yachts International, a full-service marine dealership, yacht broker and authorized dealer.
The site last sold in August for $4.94 million, records show. It was built in 1985.
Pompano Beach and nearby Fort Lauderdale are a hub for marinas and yachts. The city has also become a hotspot for new waterfront development.
Sabbia Beach, a 19-story, 68-unit condo tower at 730 North Ocean Boulevard in Pompano Beach is nearing completion. And developer Dev Motwani is planning to build a 27-story condo building at 1350 South Ocean Boulevard.
In addition, Miami-based Lionheart Capital is planning to construct a two-building, 239-unit luxury condo project at 1380 South Ocean Boulevard that is slated to become the city’s tallest tower.