Safe Harbor pays $340M for Fort Lauderdale mega-marina

Safe Harbor Marinas paid $340 million for a superyacht storage and repair facility in Fort Lauderdale.

Dallas-based Safe Harbor Marinas, led by Baxter Underwood, bought the Lauderdale Marine Center at 2029 Southwest 20th Street from The Carlyle Group, records show. The property spans 60 acres along the New River’s South Fork.

Lauderdale Marine Center was founded in 1997, and underwent expansions and improvements over the years, growing to a 106-slip facility, according to a news release.

It bills itself as the biggest yacht repair facility nationwide, as its boat lifts have a capacity up to 485 tons, according to its website. Aside from boat storage and repair, Lauderdale Marine Center also leases offices to marine contractors and boat service operators.

Carlyle Group, based in Washington, D.C., bought the property and the adjacent River Bend Marine Center in 2015 reportedly for more than $140 million. Carlyle, led by Kewsong Lee, upgraded the property, opening the Southwest Layday yacht repair area and adding boat slips to the River Bend Marine Center.

Safe Harbor Marinas also owns Safe Harbor North Palm Beach at 1037 Marina Drive in North Palm Beach, and Safe Harbor New Port Cove at 255 East 22nd Court in Riviera Beach, according to its website.

This is the latest South Florida marina to sell in recent months. Cove Marina Holding bought River Cove Marina along the Miami River for $11 million in March; and the Partridge Equity Group bought Pennell’s Marina and Freedom Marina in Deerfield Beach for $18.1 million in December.