Suntex Ventures, the Dallas-based owner and operator of marina properties, in conjunction with Harrison Street Real Estate Capital, the Chicago-based real estate private equity firm, is pleased to announce the acquisition of the Bay Pointe Marina and Seacrest Marine Services in the historical town of Quincy, Massachusetts. This marina location offers convenient access to the Boston Harbor, Massachusetts Bay, and the Atlantic Ocean.
Bay Pointe Marina is a multi-faceted marine property that consists of 6.97 acres of upland with 258 wet slips that can accommodate vessels up to 200 feet. Bay Pointe Marina contains a first- class amenity base consisting of a full-service marine repair company; renowned restaurant, The Inn at Bay Pointe; winter dry storage; and fuel dock.
“Bay Pointe Marina is truly a hidden jewel of the Northeast. Quincy, Massachusetts has unbelievable history and charm,” Jon Meyers, Vice President of Mergers and Acquisitions of Suntex Ventures, said. “We see it poised for significant growth in the coming years. We could not have found a more perfect asset for our entry into the Boston market.”
This transaction marks the third acquisition by Suntex Ventures in 2012, including Saylorville Lake Marina near Des Moines, IA and Crosswater Yacht Club on Lake Travis in Austin, TX. Suntex Ventures now owns and operates a portfolio of twelve marinas and one marina loan with a total value of approximately $150M. The Suntex vision is to be the pre-eminent resort marina company in the world and is actively seeking premier marinas around the world for acquisition. The Suntex team is enthusiastic regarding the opportunity to work with its joint venture partner, tenants, guests, and the State of Massachusetts to enhance the community and stakeholders. Financing for the transaction was provided by American Bank of Texas.
About Suntex Ventures
Suntex Ventures www.suntexventures.com is a Dallas-based real estate fund designed to own and operate mixed- use waterfront properties including marinas, office, retail, hotel, and other select assets. Through its subsidiary, Suntex Marinas, the firm provides marina and property management services throughout its portfolio. Based upon proprietary underwriting, experience, and historical success, they are focusing on high-end resort destinations.
About Harrison Street Real Estate Capital, LLC
Harrison Street is a real estate private equity firm founded in 2005 that directly and through its affiliates, has approximately $3.5 billion in Assets Under Management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the US real estate market. The firm’s funds are differentiated, disciplined in focus, and strongly align the interests of investors with that of the sponsor. Harrison Street Securities LLC currently manages over $450 million in REIT securities through three, distinct long only investment vehicles. As of June 2012, the firm currently owns more than 200 assets valued at $3.2 billion which include over 21,000 student housing beds, 5,900 senior housing / assisted living units, over 71,000 self storage units, 1.2 million square feet of medical office space and 4,600 wet & dry boat storage units.
Between Harrison Street Real Estate Partners I, L.P., Harrison Street Real Estate Partners II, L.P., Harrison Street Real Estate Partners III, L.P., and Harrison Street Core Property Fund, the firm has raised more than $1.4 billion of capital from over 75 limited partners consisting of pension funds, endowments, family offices and foundations.