Pennell’s Marina and Freedom Marina in Deerfield Beach sold for $18.1 million, and the buyers plan to build a multifamily development, The Real Deal has learned.
Deerfield Development Resources LLC and Marina First LLC bought the marinas, as well as additional land, from the Pennell family and Tod Littlejohn, owners of Pennell’s Marina and Freedom Marina, respectively, according to a release. Both marinas are on the Hillsboro River near Hillsboro Boulevard.
William “Billy” A. Cunningham III of Delray Beach-based Park View Realty represented both sides of the deal. He said the redevelopment will be a $100 million project.
The buyers, owned and led by Partridge Equity Group, whose principal is Christopher Partridge, plan to convert Pennell’s Marina, at 418 Northeast River Drive, into an apartment community, according to the release. Freedom Marina, at 790 Northwest 1st Avenue, will house the boats from Pennell’s Marina and the buyer will construct a new indoor dry slip marina building.
Kaufman and Lynn will be handling the construction.
The buyers also plan to build a boardwalk that connects the apartments to the marina that will be storing boats, according to the release.
Jack Pennell founded Pennell’s Marina in 1963. His sons Mike and Dave have operated the marina until now. Husband and wife Todd and Jennifer Littlejohn have run Freedom Marina for the last 20 years.
Also in Deerfield Beach, hotel real estate investment trust CorePoint Lodging sold a La Quinta for $5.7 million in September, and Investments Limited secured a $67 million loan in May to refinance 13 of its commercial properties.