BlueWater Marinas and Bain Capital have acquired Mystic River Marina in Mystic, Connecticut, and Ripley Light Drystack Marina in Charleston, South Carolina, expanding their joint venture’s portfolio of coastal marina properties. The acquisitions mark the partnership’s sixth and seventh marina acquisitions, strengthening its presence in established East Coast boating markets.
Mystic River Marina is a full-service marina with a history spanning nearly seven decades. Located in Mystic, one of New England’s established boating destinations, the property provides large wet slips for seasonal and transient boaters, winter dry storage, a fuel dock, boat maintenance services, and an on-site brokerage.
The marina also includes a ship store, breakfast café, customer lounge, and swimming pool. Its storage-oriented operations and established customer base provide a combination of recurring storage revenue and additional marine services.
The property has remained under the ownership of the Garbarino family for four generations. Its history dates to 1957, when Gene Garbarino and his brother Fred began developing the marina. BlueWater plans to maintain the property’s existing operating character while investing in its facilities and customer experience.
The second acquisition, Ripley Light Drystack Marina, is located minutes from downtown Charleston and provides access to Charleston Harbor and surrounding waterways. Established in 1988, the marina features 220 dry-storage slips accommodating boats measuring up to 40 feet.
Ripley Light also provides valet-style boat launching and retrieval, fuel services, an on-site service department, and an established boat club. Its combination of storage capacity and convenient waterfront access supports Charleston’s recreational boating market.
The acquisitions are part of BlueWater and Bain Capital’s strategy of building a portfolio of premium marina assets in established coastal markets where waterfront property is limited and developing new marina facilities can be difficult.
BlueWater, headquartered in Charleston, was established by former executives and team members of PORT 32 Marinas and Atlantic Marina Holdings. Bain Capital Real Estate brings institutional investment resources and experience in acquiring and developing specialized real estate assets.
The partnership intends to continue acquiring and developing marinas with established customer bases, diversified revenue streams, and opportunities for operational improvements. Financial terms of the acquisitions were not disclosed.
KEY QUOTES:
“Mystic River and Ripley Light both represent the caliber of marina we set out to acquire, properties located in core coastal boating markets with deep operating histories, loyal customer bases, and diversified, highly recurring revenue streams. We’re excited to welcome both teams to the BlueWater family and to continue investing in the experience our customers expect.”
Dunston Powell, Principal at BlueWater Marinas
“We continue to see attractive opportunities in marina real estate, particularly high-quality assets in established boating markets where demand is durable and new supply is difficult to develop. Mystic River and Ripley Light are strong additions to the platform we are building with BlueWater, each with a distinctive history and an important place in its local boating community. We look forward to investing alongside BlueWater to build on what has made these marinas successful while continuing to thoughtfully scale the portfolio.”
Andrew Terris, Partner at Bain Capital Real Estate
