Former Jackson Marine boatyard and marina site for sale

Another longtime marina property in Broward County could soon have a new owner.

The former Jackson Marine marina and boatyard, now called Fort Lauderdale Boatyard and Marina, has been put on the market.

The 64-year-old historic facility sits on an 11.3-acre site on the South fork of the New River, and is home to nearly 80 tenants, including National Liquidators and dozens of other marine operators and contractors.

Kelly Ruff, general manager of the boatyard and marina, said the property at 1915 SW 21st Ave., is ideal for redevelopment.

In the month since it has been offered for sale, the property has attracted strong interest from nearly 30 buyers, with several coming from overseas, she said.

“We’ve had a nice array of people including marine industry leaders nationally and a handful of qualified international buyers interested in the property,” Ruff noted.

The goal is to find a buyer within the next two to six months.

The Fort Lauderdale marina and boatyard was recently appraised at an estimated $18 million, she said.

“There have been many reincarnations and business models that have both failed and succeeded on this waterfront footprint,” Ruff said. “The property is succeeding again, and so, it’s the right time to sell.”

In the 11 months since it switched from having one exclusive commercial tenant to multiple tenants, the Fort Lauderdale boatyard and marina has seen an increase in net monthly operating income of nearly 65 percent, she said.

“The boatyard is full; the wet slips are full; and we have a short list for new commercial tenants,” she said.

Ruff’s father Ed Ruff and investment partners bought Jackson Marine in 2006.

Before the recession hit, Ed Ruff’s then Naples-based BoatClubsAmerica company had planned to transform Jackson Marine into the new Fort Lauderdale BoatClub offering mega-yacht and small boat slips for sale and clubhouse amenities, including a deli, gym, resort-style pool and tiki bar.

That $50 million renovation project stalled in the recession, however, and didn’t materialize.

“We had to switch gears at some point,” Kelly Ruff said, noting that BoatClubsAmerica had to put the boat-slips-for-sale model on hold after taking a hard hit in the economic downturn.

“We believe it’s going to take another two to four years before it’s viable again,” she said.

In recent years, as the marine industry has rebounded, investors are seizing opportunities to either acquire or redevelop marine-related properties.

Last July, global asset manager The Carlyle Group of Washington, D.C., finalized its acquisition of the 50-acre Lauderdale Marine Center, a deal estimated to have been in range of $140 million to $150 million.

The Lauderdale Marine Center is along the New River in Fort Lauderdale and features 156 wet slips, contractor work spaces, lifts and two large arches over docks visible from Interstate 95.

“It’s an exciting time for the Southeast Florida marina industry, because there is a lot of new business for everyone after a long reorganization for the industry,” Ruff said.

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