Harrison Street launches marina fund as institutions rush to waterfront
What's the deal? Harrison Street Real Estate CapitalDealroom has a profile for this one. Try Dealroom → has launched a marina-focused investment fund, according to a Securities and Exchange Commission filing made October 17. The equity fund's size wasn't disclosed, and it is unclear whether existing assets will seed it.
Why now? Institutional interest in marinas has jumped this year, drawn by recurring income and limited waterfront supply. Rent for public marinas in Miami has risen 23% since 2019 to $52 per foot, with more than half reporting occupancy above 95%.
Globally, SavillsDealroom has a profile for this one. Try Dealroom → estimates the marina market could be worth $42B by 2034, up from $26B last year.
What's the endgame? Harrison Street knows the sector. It entered a joint venture with Suntex MarinasDealroom has a profile for this one. Try Dealroom → in 2011 to buy Liberty Landing in Jersey City, New Jersey, and the pair teamed up again in 2012 for two marinas in Quincy, Massachusetts.
One of those properties now sits under Blackstone-owned Safe HarborDealroom has a profile for this one. Try Dealroom →, which bought MarineMaxDealroom has a profile for this one. Try Dealroom → and its 120 locations for $1.5B in August. Suntex also crossed 100 locations this year, while Stonepeak acquired Southern MarinasDealroom has a profile for this one. Try Dealroom → — signs of fast-moving consolidation.
The signal: The firm's move echoes its early bet on student housing, where it later built a 79-property portfolio through the $1.9B Campus CrestDealroom has a profile for this one. Try Dealroom → acquisition in 2015. The marina fund's launch marks a growing institutionalization of a niche asset class — even if its eventual scale and strategy remain unclear.
Read more: bisnow.com
Image credit: CityofStPete
