08/02/2007

Steve Israel and Strategic Capital Partners Acquire New River Dry Dock in Ft. Lauderdale, FL

One of South Florida's oldest marine facilities to be renamed, upgraded and maintained as a working marina.

A joint venture between Steven M. Israel, an experienced marina owner and operator based in New York, and Strategic Capital Partners, LLC (SCP), a Chicago-based private investment firm, has purchased one of South Florida's oldest marine facilities, the New River Dry Dock.

The facility will be renamed the Marina Mile Yachting Center at Marina Bay, and will cater to the needs of vessels from 40 feet to 50 meters (165 feet), as well as the manufacturers, dealers and marine contractors that service them.

The six acre site, previously known as Marina Mile Shipyard and Marina 84, is comprised of a three acre protected basis with three acres of uplands, and is located along Marina Mile in Ft. Lauderdale, Florida.

"We consider this a great opportunity to own a marina with such visibility from land (I-95) and at the gateway to Marina Mile," said Israel, who is the managing partner of the venture. "We're delighted to be in the middle of the yachting capital of the world, and to keep this marina a marina."

Added Fred Scott, Vice President of Acquisitions for SCP, "We are excited to partner with such a strong operator and to be able to continue the asset as a working marina."

The sale was brokered by Marine Realty, Inc., of Ft. Lauderdale. President and broker Christopher W. "Kit" Denison, whose family has been involved in Ft. Lauderdale in the yacht building, service and brokerage business since 1948, is encouraged that the site will remain as marine use.

"The plans for this strategic marina property include a total upgrade from the entrance bridge to the banks of New River. With additional dockage and space on the uplands, this site will be able to provide additional harbor and service facilities for some of the world's most prestigious yachts, their builders, dealers and service personnel," Denison said.

Strategic Capital Partners, LLC (SCP) is a privately held real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties via joint ventures with experienced local real estate operators. SCP is focused on properties across the United States that can be repositioned, re-leased and/or redeveloped. The company is headquartered in Chicago with offices in Indianapolis and New York.

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Steve Israel and Strategic Capital Partners Acquire New River Dry Dock in Ft. Lauderdale, FL