Simply Marinas Brokers Sale of Pelican Bay Marina

Simply Marinas represented both parties on the sale of Pelican Bay Marina located in south St. Petersburg, Florida. 

The brokerage team secured a cash buyer within a week of their listing and the buyer closed within 35 days of the contract. 

The Pelican Marina acquisition offered the rare opportunity for a completely hands-off wet slip rental facility in fee simple within a major Florida boating market. The ownership is completely absentee, as all income is derived from long-term slip rentals, eliminating the need for any on-site staff. Slips, which are all outfitted with a boat lift, are consistently at 100% occupancy, with little-to-no turnover. 

The marina sits on 2.05+/- acres (0.79+/- acres dry and 1.26+/-acres submerged), with both the submerged land and the dry land all owned in fee simple. Owning fee simple submerged land is a unique advantage in Florida, where many marinas operate on Florida State-owned sovereign submerged land leases, which often impose operational limitations on the marina owner. There is ample excess submerged and dry land for possible slip expansion and upland development, pending any necessary entitlements.