Several iconic Islamorada marinas have new owners.
Earlier this month, Miami-based Integra Marinas announced the sale of Islamorada and Angler House marinas to Safe Harbor Marinas for $18 million. Integra Marinas said it spent millions for improvements that included overhauling docks and wet slips to the building of a large tiki and resort-style pool. Amenities were also upgraded, including the entrance of Islamorada Square Grouper to Islamorada Marina in 2019.
“We entered the Keys marina market in 2014 with the foresight to be a catalyst to Islamorada’s increased attractiveness and were successful in the transformation of these properties,” said Victor Ballestas, principal of Integra Investments. “Selling these assets was not our plan, but now allows Integra Marinas to place the capital into other opportunistic marina acquisitions where we can add tremendous value.”
With some 100 marinas in 22 states, Safe Harbor Marinas sets out to build a one-of-a-kind boating network that gives members access to a boating lifestyle.
Smuggler’s Cove Marina and adjacent property at MM 85, bayside, were recently acquired by Chief Marine Group. Located next to the only drawbridge in the Florida Keys, Chief Marine Group and its partners say they’re dedicated to developing a waterfront destination that includes marina fuel, boat sales, services, nightly accommodations and a variety of dining options.
CMG said it’s composed of entrepreneur boating enthusiasts who are committed to creating a venue with a mariner’s lifestyle and encompassing the comforts for a family retreat. A South Florida investment team is the driving force behind the development. Managing the project and future operations at Smuggler’s Cove are Upper Keys residents Tommy Hofstetter and Gabriel Pacheco.
“Building the right team of people who are equally passionate in the boating world and want to make an impact, not only in the marine industry, but also committed to the community — is very rare,” said.
The group said it’s in the initial design phase to rebuild infrastructure and improve the property. The marina sale price wasn’t made available before press time.
“We are eager to bring this piece of paradise back to life, for all to enjoy, and give the community and visitors a full-service, on the water destination,” Pacheco said.
