Morningstar Marinas Acquires Southport Marina

Southport Marina, a division of Preston Development Company, has sold Southport Marina to Morningstar Marinas, an affiliate of Morningstar Properties.

Morningstar Properties, a Charlotte, North Carolina-based company, is a vertically integrated real estate developer, owner, and operator of specialty real estate products. Morningstar Properties operates eight marinas across the Southeast under the brand name Morningstar Marinas.

“Southport Marina is an excellent addition to our portfolio of extremely high-quality marinas in irreplaceable locations,” Preston Development’s Robin Rose stated. “We have been approached by several groups over the years that were interested in acquiring Southport Marina. Morningstar Properties checked all of our boxes and we feel like they are the right group to take the marina forward.”

Rose also stated that Preston Development Company acquired Southport Marina in 2005 and went to work right away on a multi-year, $11 million renovation of the 40+ acre property.

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Among their many accolades, in 2013 Southport Marina won the prestigious Marina of the Year Award by Marina Dock Age magazine for the entire marina industry.

“A marina or any business is only as good as the people who are making it that way,” Rose said. “Hank Whitley, CCM and Eric King, CMO are two of the finest in the industry and we are fortunate to have had their talents. They have built a wonderful team that will continue to keep the marina operating at the highest level.”