New Joint Venture Plans to Acquire More Than $200M in Marina Assets

Miami-based Integra Investments is teaming up with investment firm BLG Capital Advisors to acquire more than $200M in marina assets. The joint venture will focus on value-add projects in U.S.-based coastal markets with strong fundamentals.

Integra began as a developer of residential and mixed-use projects in South Florida. Integra principal Victor Ballestas told Bisnow  last year that he noticed intense demand for dockage space at condo projects, but little development of new marinas, which prompted his entry into the space, most notably by creating a marina arm at Integra. The firm last year bought which hosts the world’s largest boat and yacht event, the Miami International Boat Show.Sea Isle Marina, which hosts the world’s largest boat and yacht event, the Miami International Boat Show.

Demand for boats grew during the coronavirus pandemic. The National Marine Manufacturing Association reported that 320,000 new boats were sold in 2020, a 13-year high.

That sort of demand bodes well for Integra and BLG Capital Advisors. The venture on Tuesday closed on its first investment: Prime Marina East Greenwich in East Greenwich, Rhode Island. The deal, terms for which were not disclosed, marks Integra’s first transaction outside Florida.

BLG Capital Advisors is based in Chicago and has a U.S. Virgin Islands-based partner organization, International Private Bank, that manages a multibillion-dollar portfolio.

“We believe the marina industry is an underserved, highly fragmented asset class that is ripe for institutional investment, ready for a higher caliber product for boaters,” Matt Tuthill, director of real estate with BLG Capital Advisors, said in a statement.