Suntex Marina Investors, LLC, based in Dallas, Texas, has purchased Lynn Creek Marina in Grand Prairie, Texas, for an undisclosed price.
The marina is located on 60 acres of waterfront property along Joe Pool Lake, at 5700 Lake Ridge Parkway. Joe Pool Lake is a 7,500-acre flood control lake built and operated by the Army Corp of Engineers and a popular destination for boating, camping, picnicking and fishing.
Lynn Creek Marina features 528 wet slips, 116 dry stalls, a 14-acre driving range and a full-service restaurant, which had been managed by the marinaâ€™s ownership.
Matt Putnam, Andrew Cantor and Dan Grovatt of Colliersâ€™ Leisure Property Advisors team represented the seller, Lynn Creek Marina, LTD, in the transaction.
â€œSuntex, which is headquartered only 40 miles from this property, saw the opportunity to build on the long-term success Lynn Creek Marina has had in this fast-growing submarket of the Dallas-Fort Worth metroplex,â€ said Matt Putnam, Managing Director, Leisure Property Advisors, Colliers. â€œThe buyer also recognized the value of the existing profit centers, like the in-house boat club and restaurant, which fit well with Suntexâ€™s business model.â€
Joe Pool Lake is located between Dallas and Fort Worth, just south of Interstate 20. The area is experiencing significant growth, including in the cities of Grand Prairie and Arlington.
â€œThe size of the property, scale of the operation and a location surrounded by an excellent, growing demographic speaks to current trends in the marina space almost to the letter,â€ Putnam said. â€œThis is exactly the type of property smart marina operators and investors are looking for right now.â€
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