Grand Banks Yachts entered into a purchase and sale agreement to acquire a property in Stuart, Fla., for $1.9 million. The property is opposite the company’s Stuart yard, which serves as its U.S. headquarters.
“The acquisition of 458 Southwest Salerno Road will … build a strong foundation for us to enhance our services and generate new revenue streams,” Grand Banks CEO Mark Richards said in a statement.
The property covers approximately 13,000 square feet and has a developed area of 2,864 square feet and berths for up to nine boats. Grand Banks said the purchase will allow it to service more boats to meet increased demand for post-sale maintenance.
The proposed acquisition will include a $10,000 deposit and approximately $500,000 to pay off the sellers’ lien. The remaining $1.4 million will be paid over 15 years, starting July 1, 2024.
The purchase is expected to be completed Dec. 12.
