MIAMI—Lauderdale Marine Center, the largest yacht repair facility and marina in the US, just traded hands. A division of Carlyle Group, a global asset management firm based in Washington DC, acquired the asset.

HFF procured the acquisition financing for the transaction with two local bank lenders. Financial terms of the deal were not disclosed. But published reports estimate the transaction is valued at about $145 million.

“Lauderdale Marine Center is a valuable investment opportunity not only because of the scarcity of available waterfront land in South Florida, but also because it has a strong repeat customer base of mega yacht owners,” says Stiles Realty broker associate Julie Fisher-Berry, who represented the sellers, Selvin Passen and business partner Morio Mito. There was no other broker in the transaction.

Located at 2001 Southwest 20 Street in Fort Lauderdale, the property spans about 60 acres. The asset includes the neighboring Riverbend Marine Center and sits at the entrance to Marina Mile, along Interstate 95. Lauderdale Marine Center is within five miles of the Fort Lauderdale/Hollywood International Airport.

According to Fisher-Berry, Lauderdale Marine Center's distinctive business model has driven its market value and reputation over the years. The property maintains multiple operating units, which are comprised of 156 wet slips, an office complex, contractor bays, covered sheds, covered in-water dockage, and a large basin for mega-yachts.

“Lauderdale Marine Center benefits from a substantial revenue stream due to its reputation, experienced management team and quality customer base,” says Fisher-Berry. “The marina's business model combined with growing industry demand for mega-yacht services will only drive further upside potential.”

According to Fisher-Berry, Passen and Mito acquired the property in stages, starting with 33 acres in 1997 and then another 17 acres in 2004.  The 8.5-acre Riverbend Marine Center, which was sold to Passen and Mito last year by Fisher-Berry, is included in this transaction. It was planned for redevelopment to further expand Lauderdale Marine Center.

“The fact that a global firm has stepped in to acquire this property further solidifies the strength of the marine industry in South Florida,” Fisher-Berry says. “This acquisition has truly raised the bar for marina and boatyard sales in this market.”

This is Fisher-Berry's second marina sale in 2015. Earlier this year, she completed the sale of Caloosa Cove Marina and Resort, a 13-acre property in Islamorada that consists of time-share hotel units, as well as a restaurant, lounge, and full service marina with enclosed dry rack storage.