PGA Marina Sold

The PGA Marina in Palm Beach Gardens has reportedly been sold for $8.45 million, and its new owners have taken out a hefty loan on the 7.4-acre property. The buyer was an affiliate of Atlantic Marina Holdings, a South Carolina-based company that acquires, redevelops and operates marinas from Maryland to the Caribbean. An article in the South Florida Business Journal said only the marina, at 2385-2401 PGA Boulevard, has been sold. However, the $21.75 million in financing taken out by Atlantic’s affiliate also names the nearby 125,707-square-foot retail, office and residential structure. That low-rise strip was last sold for $21 million in 2001 to a company titled Danlen, which is led by Sunny Sessa of Palm Beach.

Also included in the financing are the wet and dry boat slips in the marina, which fronts the Intracoastal Waterway. The financing could signal a bigger sale that has yet to hit public records. As for Atlantic’s plans for the marina, no hard details are yet available.

— Sean Stewart-Muniz – See more at: http://therealdeal.com/miami/blog/2015/06/03/pga-marina-sold-buyers-take-out-21m-in-financing/#sthash.Uqqlbv9r.dpuf