P.A. Commercial closed the sale of Kean’s Marina, a full-service marina operation on an expansive 21-acre site along Detroit’s riverfront.
P.A. Commercial’s senior associate Anthony Pellegrino III and principal John De Wald facilitated the sale for the marina that sold for $8.8 million to Safe Harbor, a Texas-based company that is the largest owner and operator of marinas in the United States.
The sale of Kean’s Marina included a 320-slip commercial marina situated on 21 expansive acres along the Detroit River. The property is located in Detroit’s east side, in an opportunity zone – hosting an array of tax benefits.
At the time of sale the marina was 100 percent occupied with a waiting list. The property includes four major buildings that have a combined area of 75,478 square feet. The 13,478-square-foot main building houses the marina offices and tenant spaces on the first floor with executive offices, a kitchen, ballroom/banquet room, private bar and new restrooms on the second floor.
The remaining three buildings total about 62,000 square feet and are used for indoor boat storage. The property also features a swimming pool and hot tub for their members.
Safe Harbor plans to continue to upgrade and expand this full service marina operation.