Marina Tenants Buy Hi Seas Marina

Hi Seas Marina in Oconto, Wisconsin, saw a change in ownership this spring when the long-time owners sold the property to first-time buyers who were tenants at the marina.

John and Cheryl Mick had owned the marina since 2002 and are retiring. “This well-maintained facility boasts strong and consistent operating history under the Micks’ highly-capable management,” said Michelle Ash, Simply Marinas owner/broker.

The sale to Breanna and Bret Van Nuland closed on March 6. “The seller received other offers,” said George Ash, Simply Marinas national director. “The fact that they were his tenant, he got to know them and believed in them to continue to operate the marina successfully to maintain its legacy.”

As tenants, the Van Nulands were familiar with the marina’s challenges and opportunities. “Their motivation and interest were stronger than other prospects,” George Ash said.

Michelle Ash said Hi Seas is in a market where there is a strong demand for full-service marina facilities that combine storage, slips and repairs. “Hi Seas has the advantage of having a big portion of its income in storage rather than slip rental income, so if slip revenues go down, storage goes up.”

Hi Seas offers a combined wet and dry storage capacity of approximately 240 slips and operates at full occupancy. The 4.5 acre property is located on the shore of Lake Michigan’s Green Bay and includes the river frontage and basin. The vacant upland property offers potential to increase the indoor storage capacity and expand the repair service.