BlueWater Marinas and Bain Capital have acquired Mystic River Marina in Mystic, Conn., and Ripley Light Drystack Marina in Charleston, S.C., the companies announced. The deals mark the sixth and seventh marinas the joint venture has acquired as it continues expanding its platform across markets along the East Coast.
Mystic River Marina, a full-service, Class A facility, has been family-owned for nearly 70 years, most recently by four generations of the Garbarino family. The marina offers winter dry storage, a parts and service department, a fuel dock, a ship’s store and an on-site brokerage. Ripley Light, serving the Charleston area since 1988, features 220 dry slips for boats up to 40 feet, along with valet-style launch and retrieval, fuel and an on-site service department.
“Mystic River and Ripley Light both represent the caliber of marina we set out to acquire, properties located in core coastal boating markets with deep operating histories, loyal customer bases and diversified, highly recurring revenue streams,” Dunston Powell, a principal at BlueWater Marinas, said in a press release.
Andrew Terris, a partner at Bain Capital Real Estate, added that the firm continues to see “attractive opportunities in marina real estate, particularly high-quality assets in established boating markets where demand is durable and new supply is difficult to develop.”
