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 Liberty Landing Marina, in Jersey City, New Jersey, located directly across the Hudson River from lower Manhattan and in close proximity to the Statue of Liberty and Ellis Island.
Liberty Landing is a landmark marina with 520-wet slips offering year-round dockage and dry storage for boats up to 200 feet in length. The Marina is strategically located in Liberty State Park along the Morris Canal and is the only marina in the area that provides a “calm basin” for boat dockage in the Hudson River. Liberty Landing contains a first-class amenity base consisting of two renowned restaurants, Liberty House Restaurant and Maritime Parc both of which feature panoramic views of the Manhattan skyline, a private clubhouse for marina customers and guests, fuel service, ship store and full service boat repair and maintenance facility. Liberty Landing is also home to a number of commercial tenants that dock at the facility including Statue Cruises, providing daily tours to the over 3.5 million people annually that visit The Statue of Liberty National Monument and Ellis Island. Statue Cruises affiliate, Little Lady, also provides daily commuter ferry service from the marina to the World Financial Center Terminal in New York City.
“One of the key philosophies in any acquisition is the ability to secure assets with certain barriers to entry,” Johnny Powers, Principal, Suntex Ventures, said. “There simply aren’t many, if any, opportunities to develop another marina of its kind in this type of proximity to New York City, Jersey City, Ellis Island and the Statue of Liberty.”
This transaction marks the second acquisition by Suntex Ventures in the 4th quarter of 2010, including Amelia Island Yacht Basin just north of Jacksonville, Florida. Suntex Ventures now owns and operates five marinas and owns a portfolio of four marina loans with a total value of approximately $100M. The Suntex vision is to be the pre-eminent resort marina company in the world. Suntex 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, customers, and the State of New Jersey to enhance the value of Liberty Landing for the community and stakeholders. Financing for the transaction was provided by American Bank of Texas.