Sun Communities – a REIT in space – has agreed to buy Safe Harbor Marinas for approximately $ 2.11 billion.
Safe Harbor is widely recognized as the largest and most diversified marina owner and operator in the country. It owns and operates 101 marinas, manages five marinas on behalf of third parties and has a member network of around 40,000 boat owners in 22 states.
The transaction, which is expected to account for core FFO per share in 2021, will represent approximately 15% of the company's annual pro forma rental income.
According to the CEO, Sun Communities is buying Safe Harbor because of its geographic and customer diversity Gary A. Shiffman.
Both Moelis & Co. and Citizens Capital Markets were advisors to Safe Harbor Marinas. Citigroup Global Markets advised Sun Communities, Jaffe Raitt Heuer and Weiss P.C. served as legal counsel to the REIT, while Sidley Austin and Duane Morris served as legal counsel to Safe Harbor Marinas.
Sun Communities' main line of business, prefabricated homes, continues to outperform other commercial real estate sectors.
"Institutional investment in the prefabricated housing sector is expected to increase," as the "recessive resilient performance outperforms the majority of commercial real estate sectors," according to a research note from JLL. Additionally, JLL said, "Unlike most other commercial real estate sectors, ratings for prefabricated housing associations continue to trend higher."