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MarinaSales: News and Notes

MarinaSales Real Estate Division – June 19th, 2010
Recent strong sales activity suggests that the marina market has emerged from the hibernation it entered in early 2009. The first half of 2010 saw several transactions and anecdotally we're experiencing an uptick in serious inquiries and showings from both the traditional buyer base along with several new firms seeking to acquire marina properties. Current owners take note - there is a shortage of quality properties on the market given the buyer demand that we're seeing. If you are thinking about selling and would like to discuss the market opportunities for your particular property please contact us.

In the first half of 2010 there were several notable transactions including CNL/Aqua Marine Partners recent acquisition of two properties in the mid-Atlantic and IGY's joint venture with Boston Yacht Haven. Based on discussions with our contacts we expect to see an even busier second half of the year as buyers aggressively re-enter the market. MarinaSales had an active spring that saw three sales, several new listings, and an exciting pipeline of properties due to hit the market in the coming weeks.

Brian Murphy, our Mid-Atlantic affiliate has been busy working the New York to Maryland market, while our partner Karen Calvacca, (who was involved in the IGY/Boston Yacht Haven JV) has been busy sourcing deals up and down the East Coast.

Recent Sale Announcement:

We're proud to announce that we represented the sellers of Kennebunkport Marina in Kennebunkport, ME which sold in May 2010. This family run business was in excellent shape and entertained multiple strong offers before finally agreeing to sell to a local entrepreneur who has plans to build out the facility's service and storage business.