Kemah's former owner buys 436-unit Marina del Sol againKemah's former owner buys 436-unit Marina del Sol againhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=32152014-09-01T11:50:00Z2014-09-01T00:00:00Z

KEMAH - Marina del Sol, on the southern shore of Clear Lake, has a new owner after a quick transaction as part of a national portfolio sale. The boat storage property contains 253 wet slips and 183 dry storage racks and was the only Texas asset in the portfolio.

The marina spans 19 acres of land and water at 1203 Twin Oaks Blvd. The marina's occupancy rate was 63 percent at the time of sale.

Madison Realty Capital had owned and operated the 436-unit marina since the previous owner defaulted on its loan after Hurricane Ike.

Miland Services, which owned the marina in the early 2000s before the most recent owners, submitted the winning bid and closed 30 days after the online auction.

"It was a value-add opportunity," said Maury Bronstein of the newly formed 1912 Ventures real estate firm. "In the past, it had over 90 percent occupancy. Hurricane Ike eliminated about 20 percent of the wet slip capacity that was never replaced."

Houston Chronicle
Houston-The Woodlands-Sugar Land
Public Facilities
http://www.houstonchronicle.com/business/real-estate/article/Marina-makes-waves-in-auction-5722354.phpRead more at {Source}

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