Atlantic Marina Holdings LLC of Charleston, South Carolina is the new owner of the Tierra Verde Marina Resort.
TIERRA VERDE – Atlantic Marina Holdings LLC of Charleston, South Carolina has purchased the Tierra Verde Marina Resort from Tierra Verde Marina Resort LLC of Clearwater.
The deal was announced July 11. Terms of the transaction were not disclosed.
The property consists of approximately 400 dry slips, 115 wet slips, 10,000 square feet of marine retail, and resort amenities.
“Atlantic Marina Holdings considers Tierra Verde Marina Resort to be one of the top marina facilities in the Tampa-St. Petersburg area and on the west coast of Florida,” said Joe Miller, principal of Atlantic Marina Holdings, in a press release. “The marina is strategically positioned to serve as a gateway to the Gulf and a stepping off point for all of those in greater Tampa-St. Pete area who wish to access the diverse inshore and offshore waterways of the west coast of Florida.”
Tierra Verde is the third marina property purchased by Atlantic Marina Holdings in Florida in the last two years. Previous acquisitions include PGA Marina in Palm Beach Gardens and Fort Lauderdale Boatyard and Marina. Both projects are total redevelopments and slated for completion in 2018. When completed with the addition of Tierra Verde, Atlantic Marina Holdings will operate close to 3,000 slips.
“We are pleased to add the newly redeveloped Tierra Verde Marina Resort to our growing portfolio of Class A marina properties,” said Miller. “Our focus is on quality of real estate, not quantity.”
Miller said the purchase of Tierra Verde Marina Resort is in keeping with the company’s strategic goal of investing in high barrier to entry “core” markets in Florida and the Southeast.
“This project is on unique real estate and the marina has just been rebuilt from the ground up, with an excellent physical plant and attractive amenities, including the Island Grill and Raw Bar restaurant, a new pool and tiki bar, and a future boutique hotel,” Miller said.
Atlantic Marina Holdings was represented by Dunston Powell of Carolina Commercial during the purchase of this property. The marina will be managed by AMH Management.
According to a press release, Atlantic Marina Holdings is an industry leader in the acquisition, development, redevelopment and operation of both dry and wet slip marinas.
Since its inception, AMH has acquired, redeveloped, and managed a portfolio of over $200 million in marina assets.