Colliers Closes Dual Marina Sales on East and West Coasts

Colliers has closed the sale of two marina properties on opposite coasts of the United States, with the firm's Leisure Property Advisors team representing the sellers in both transactions. Glen Cove Marina in Vallejo, California, and Skinner's Marina in Tuckerton, New Jersey, were purchased in separate, unrelated deals as personal investments by two distinct buyers. Purchase prices for both transactions were not disclosed.

Transaction Details

Matt Putnam, Andrew Cantor, and Dan Grovatt of Colliers' Leisure Property Advisors team represented the undisclosed sellers in both transactions. The deals were completed independently of one another, with no shared buyers or financing arrangements disclosed.

Glen Cove Marina, located at 2012 Glen Cove Road in Vallejo, encompasses 17 acres and includes 222 wet slips along with an events facility. Positioned along the Carquinez Strait, the property offers access to the San Francisco Bay and the Sacramento Delta. The Vallejo acquisition was completed as part of a 1031 exchange.

Skinner's Marina, located at 501 Bartlett Avenue in Tuckerton, spans approximately 7.15 acres and features more than 80 wet slips, approximately 150 boats in land storage, and 16 RV spaces. The property offers direct access to Jersey Shore waterways and serves both recreational boaters and seasonal visitors.

Broker Commentary

Cantor, a senior vice president at Colliers, pointed to sustained investor interest in waterfront assets.

"These transactions reflect the continued demand for well-located marina assets across the country," Cantor said. "Buyers are attracted to the stable income potential and unique waterfront locations that marinas provide."

Grovatt, also a senior vice president at Colliers, emphasized supply constraints and revenue characteristics of marina assets.

"Marinas continue to demonstrate their investment strength due to limited supply, combined with a reliable recurring revenue profile," Grovatt said. "These assets are both well positioned to deliver long-term value and stable growth for years to come."

Leisure Property Advisors Team Background

The Colliers Leisure Property Advisors team, co-founded by Putnam, Cantor, and Grovatt, specializes in the brokerage of marina, golf, and leisure-focused properties throughout the United States and Caribbean. Putnam, based in Tampa, has held an active real estate license since 2006 and has focused on leisure properties since 2009. Cantor, based in Atlanta, brings more than 25 years of real estate transaction and advisory experience, including more than 15 years specializing in marina and golf assets. He previously led Textron Financial's marina lending program, which grew into the largest marina lender in the nation, and underwrote more than $600 million in acquisition, refinance, and construction loans on golf courses and resorts across North America. Grovatt joined Colliers in 2018 as a founding partner and director of the Leisure Property Advisors.

The team serves clients ranging from single property owner-operators to large institutional investors, and provides market research, financial analysis, and management advisory services throughout the property ownership lifecycle.