In Tennessee, Wisdom Dock Marina on Dale Hollows Lake was sold to Jim Figuardo, who also owns Grider Hill Dock on nearby Lake Cumberland, for slightly more than $6 million. Figuardo said that he expects to take some immediate steps to expand the marina by adding new docks and slips.The previous owners of Wisdom Dock Marina, Paul and Judy Boggs, had owned the facility for 28 years and were planning to retire. They are delighted with the sale price for the full-service marina that has 175 slips, as well as a houseboat, pontoon, and toy rental program, and much more, according to Polly Fuqua, who acted as the marina business broker for this transaction.
Date: January 18, 2010
Recent Article from Trade Only IMBC panel: the marketplace for marinas, Tuesday, 27 January 2009 10:55
Polly Fuqua, president of Eye on the Market LLC in Knoxville, Tenn., helped an owner find a buyer and lender for the sale of Elm Hill Marina in Nashville, Tenn., recently for $11.25 million, but she said it was a unique property: 170 acres, 668 slips, a 21-year lease with the Army Corps of Engineers, permits to build 300 more slips, numerous revenue streams, and a long waiting list for slips.
“The basic cash flow is the way you’re going to get your loan,” she said.
— Jim Flannery
