PGA Marina Boating center sells for $23.87 million
NAI Miami’s Christian J. Johannsen has negotiated the $23.87 million sale of PGA Marina Boating Center on behalf of the seller, PGA Marina LTD.
The 7.53 acre property at 2385 PGA Blvd., Palm Beach Gardens, contains dry storage for more than 400 boats, 16 50-foot wet slips, 1,600 feet of wharf dockage and 48,500 square feet of related marine commercial leased space.
The purchaser was AMH PGA LLC and was represented by Carolina Commercial LLC.
According to Johannsen, the transaction was exceptionally difficult to bring to a close as the property was not being actively marketed and there were buyer financing issues. Fortunately, the seller and purchaser became friends, which allowed the transactional difficulties to be overcome.
AMH plans updates that include new storage for boats up to 45 feet, renovated commercial space, an outdoor Tiki Bar and additional retail space.
NAI Miam is affiliated with NAI Global, the largest global network of owner-operated commercial real estate brokerage firms.
SFBW reported recently that Stephen Nostrand, who was previously CEO of Colliers International South Florida, has joined NAI Miami as CEO and COO.