Suntex continues rapid expansion with more property in California
Suntex Marina Investors, which terms itself the largest standalone recreational marina owner in the US (by marina count and boat slips), has acquired Discovery Bay Marina in California in a joint venture, adding to the portfolio which already spans Arizona, California, Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, Missouri, New Jersey, New York, Oklahoma, Texas, Tennessee and Virginia.
“Discovery Bay is a stunning area with a lively community, and the marina is ideally situated to serve both visitors and residents,” says Michael Warntjes, senior vice president of operations at Suntex Marinas.
The marina is a full-service marina in the San Joaquin Delta with concrete docks, haul and launch capability, bathrooms and showers, laundry facilities, an onsite restaurant, fuel dock, boat brokerage, and more. It consists of 266 in-water slips and 450 dry storage slips for vessels from 20 to 100 feet. The property also offers trailer storage.
“The Delta seamlessly connects the Sierra Nevada foothills with the San Francisco Bay, offering endless opportunities for fishing, water sports, and boating adventures,” says Warntjes. “With its unique suburban layout and relaxed coastal vibe, Discovery Bay is a special place. We believe that by bringing the distinctive Suntex experience to this well-established marina, we will not only enhance the lives of those who call Discovery Bay home but also attract new visitors eager to explore the San Joaquin Delta.”
Suntex operates in partnership with Centerbridge Partners and its affiliates. In April this year it established the joint venture that plans to acquire more than $1.25bn worth of marina property in the United States. Since then, it’s been on a shopping spree, which has seen it snap up many locations.
“Suntex growth is driven by same-store revenue growth, marina repositioning and improvements, introduction of new products to marinas, and by acquisition,” co-founder and chief executive officer Bryan Redmond told MIN last year. “We have a scalable and institutionalised operating platform, run by a seasoned management and operating team with extensive experience in marina operations and investments, and a successful track record of integrating and repositioning our acquisitions.”
