Suntex Buys Portsmouth’s Tidewater Yacht Marina
By Adrian Maties, Associate Editor
These factors prompted Suntex Ventures L.L.C. to purchase Portsmouth’s Tidewater Yacht Marina. The deal, announced Feb. 1, marks Suntex’s second acquisition of a local marina. Last year, the Dallas-based company’s Suntex Marinas affiliate bought the 325-slip York River Yacht Haven in Gloucester Point.
According to The Virginian-Pilot, Suntex Ventures bought Tidewater Yacht Marina for $8.75 million from GSKS Properties, a company controlled by Gordon and Katherine Shelton. The couple had owned the facility since 1978.
Tidewater Yacht Marina is a full-service destination marinas located at Mile Marker “0″ on the Intracoastal Waterway, midway between New York and Florida. The marina features 300 wet slips including a megayacht dock, a comprehensive marine service center, marine store, floating pool, and fuel dock. It is also home to the 757 Crave on the Harbor restaurant, as well as a yacht brokerage firm, North Point Yacht Sales. According to the Tidewater Yacht Marina website, some 4,000 boaters stop there each year.
Suntex Ventures announced that John Muscarella, a 27-year Tidewater veteran and the marina’s longtime dockmaster, will stay on as its general manager. The marina has 10 employees.
“Tidewater has been a true landmark for yachts in Virginia as well as the rest of the East Coast for many years,” Ron TenEyck, vice president of operations for Suntex Marinas, said in a statements. “Suntex will continue the legacy and will also add many more amenities to the property.”
Photo credits: Suntex MarinasTags: Acquisitions/Dispositions, acqusition, Commercial, commercial real estate, GSKS Properties, Hampton Roads, Investors, Local, marina, portsmouth, Richmond, Richmond-Hampton Roads Lead Story, sale, Suntex Marinas, Suntex Ventures, Tidewater Yacht Marina