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BUYER: Little Harbor Development LP (principal: Tony Ma), Scarborough, Ontario, Canada
SELLER: BF-Negev LLC
PROPERTY: 606 Seagrape Drive, 611 Destiny Drive; and 833 NW 32nd St., Ruskin
PRICE: $7.3 million
PREVIOUS PRICE: $17 million, April 2004 and $9.5 million, October 2003
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami
PLANS, DESCRIPTION: An affiliate of Canadian firm LHD Management Inc. purchased Little Harbor Marina and several associated buildings for $7.3 million.
The marina included 99 floating dock wet slips and a large dry storage building that can house another 205 boats. The property features a waterfront restaurant building leased to the Sunset Grill and Tiki Bar, a vacant 1,500-square-foot restaurant building most recently known as the Captains Quarters Restaurant and a building with 4,898 square feet of office space, a hotel lobby for guest check-ins for a nearby hotel and commercial laundry facilities.
In addition, the site houses a canal-side pool, five tennis courts, a clubhouse and two above-ground, 500-gallon gas tanks.
The new owner will take over operations of the marina. The rest of the purchase was largely a passive investment. The operators of Sunset Grill will continue to lease their building and the office space and plan to lease and operate the Captains Quarters building. The Little Harbor Resort & Club condo hotel will continue to lease the check-in building.
Karen Calvacca of Waterfront Investment Properties handled the transaction.
“This is a great property that's been troubled for many years,” she says. “What it needs is an experienced owner/operator with the capability to take it to the next level. This is a lot of good news for the whole resort.”
The purchase entity Little Harbor Development LP mortgaged the site to Atlantic (HS) Financial Corp. for $1 million.
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