P.A. Commercial Brokers Sale of Kean’s Marina on Detroit’s Riverfront for $8.8M
P.A. Commercial is pleased to announce 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 which sold for $8.8M to Safe Harbor, a Texas-based company that is the largest owner and operator of marinas in the United States.
“We are honored to have been selected to market this Landmark Marina,” said John De Wald. “The sale of this property will usher in further improvements to Detroit’s marina district.” “This project is a prime example of P.A’s synergistic services at work”, said Anthony Pellegrino. “From strategically marketing the property to working with the owners and staff of Kean’s Marina and The City of Detroit, our team oversaw every aspect of this complex transaction.”
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% occupied with a waiting list. The property includes four major buildings that have a combined area of 75,478 SF. The 13,478 SF “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 (3) buildings total approximately 62,000 SF and are used for indoor boat storage. The property also features a swimming pool and hot tub for its members.
Safe Harbor plans to continue to upgrade and expand this full-service marina operation.