Bain Capital’s Real Estate team and BlueWater Marinas, led by Joe Miller and Dunston Powell, announced the acquisition of Boathouse Marine Center (BMC), a dry-stack marina in Pompano Beach, Florida. The financial terms of the private and off-market purchase were not disclosed.
Last year, Bain Capital and BlueWater created a strategic joint venture to acquire and operate high-quality, storage-centric marina properties in premier boating markets along the East Coast. And BMC is the second asset in the JV’s portfolio, adding to the joint venture’s acquisition of Harbor at Lemon Bay, a dry-stack marina in the Sarasota submarket of Englewood, Florida.
BMC provides a convenient location in a dense, affluent market near the Hillsborough Inlet. And Pompano Beach (a submarket of Fort Lauderdale) is a long-established boating market that benefits from heavy year-round boating traffic and features some of the strongest supply-demand imbalances in the country.
Miller, Powell, and the BlueWater team have 110+ years of combined experience acquiring, developing, and operating marinas. They previously successfully scaled a best-in-class portfolio as the founders and principals of a separate, well-known marina brand.
KEY QUOTES:
“Consistent with Bain Capital’s thematic, customer-oriented investment approach, the marina sector benefits from several long-term secular growth drivers, including very high structural supply barriers, increased consumer spending on experiences, and sustained demand for larger boats. BMC represents a compelling opportunity to acquire an attractive asset in one of our highest conviction markets, and we look forward to building upon our partnership with the BlueWater team as we seek to assemble a best-in-class portfolio of marinas that is advantaged by high barrier-to-entry locations and BlueWater’s operational expertise.”
– Andrew Terris, a Partner at Bain Capital
“Bain Capital is an outstanding, highly aligned partner. Their reputation precedes them and we now understand why they are so highly regarded. We feel extremely fortunate to team with such a fine firm as we continue forward in the marina sector.”
– Joe Miller
