Bain Capital’s Real Estate team and BlueWater Marinas have acquired Boathouse Marine Center (BMC) dry-stack marina in Pompano Beach, Florida.
Financial terms of the private, off-market purchase were not disclosed.
Bain Capital and BlueWater formed a strategic joint venture (JV) in 2024 to acquire and operate high-quality, storage-centric marina properties in boating markets along the East Coast.
BMC is the second asset in the JV’s portfolio, adding to the joint venture’s acquisition of the dry stack marina Harbor at Lemon Bay, Englewood, Florida.
“Consistent with Bain Capital’s thematic, customer-oriented investment approach, the marina sector benefits from several long-term secular growth drivers, including very high structural supply barriers, increased consumer spending on experiences, and sustained demand for larger boats,” said Andrew Terris, a partner at Bain Capital.
Compelling opportunity
“BMC represents a compelling opportunity to acquire an attractive asset in one of our highest conviction markets, and we look forward to building upon our partnership with the BlueWater team as we seek to assemble a best-in-class portfolio of marinas that is advantaged by high barrier-to-entry locations and BlueWater’s operational expertise.”
The BlueWater team was led by Joe Miller and Dunston Powell who with the rest of the team have more than 110 years of combined experience acquiring, developing, and operating marinas.
“Bain Capital is an outstanding, highly aligned partner,” said Joe. “Their reputation precedes them and we now understand why they are so highly regarded.
“We feel extremely fortunate to team with such a fine firm as we continue forward in the marina sector.”
Since 2003, BlueWater has developed and managed more than 4,000 wet and dry slips and more than 140,000sqft of marine commercial space.
BMC provides boat sales and boat storage facilities.
