DRAYDEN, MD, July 31, 2023 â€“ CrossCore Investment Group, a boutique real estate investment and management firm based in Washington, D.C., led a partnership that has purchased Dennis Point Marina and Campground in St. Maryâ€™s County, Maryland, for an undisclosed price. The property, located in Drayden at 46555 Dennis Point Way on Cartheagena Creek, is CrossCoreâ€™s first investment in a leisure property, adding to interests in the multi-family, office, retail and hospitality sectors itâ€™s been active in since the firmâ€™s formation in 2004.
Andrew Cantor, Dan Grovatt and Matt Putnam of Colliersâ€™ Leisure Property Advisors group represented the seller, Dennis Point Partners.
â€œOver the last several years, weâ€™ve seen more investors add marinas and campgrounds to their commercial real estate portfolios,â€ said Cantor, senior vice president of Colliers. â€œMarinas have continued to perform better than other product types and have been less impacted by rising interest rates. Dennis Point provides a great entry into the market for this buyer, with a stable cash flow and a straightforward operation.â€
Dennis Point is located just off the mouth of the St. Maryâ€™s River, minutes from the Potomac River, and boasts nearly 3,200 feet of shoreline. The 49-acre property has 81 deep-water slips and a waterfront campground with 121 RV, travel-trailer and tent sites. Amenities include a pool, golf cart and kayak rentals, shipâ€™s store, cabin and housing accommodations and a seafood restaurant – Capt Patâ€™s @ Dennis Point. There is also a working boatyard that has the largest travel boat lift on the Potomac River.
â€œDennis Point has gained traction over the past few years as a destination for seasonal campers,â€ said Grovatt, senior vice president of Colliers. â€œThe addition of a popular restaurant tenant has also been successful for the owners. What made Dennis Point so attractive to the buyer was the significant opportunity to build on the success of the existing operation.â€
CrossCore has brought together a partnership with deep experience in marinas, campgrounds and hospitality to reposition the project and, with its on-site team, will be upgrading the campground facilities, expanding amenities and improving the wet slips and service capabilities to create a regional destination. The real estate investment management and advisory firm has offices in Easton, Maryland and in Washington, D.C.
â€œWeâ€™re excited to complete the acquisition of this special property and are honored to have the opportunity to oversee its next phase in the rapidly growing boating & RVing space,â€ said Greg Carney, managing partner of CrossCore. â€œThe team is fully committed to making it the Chesapeake Bayâ€™s premier crossover RV park and marina resort by delivering hospitality-anchored outdoor recreation opportunities in an exceptional waterfront setting. Weâ€™re grateful to the seller for the efforts extended during its many years of ownership and especially for the cooperation provided throughout a lengthy and complicated transaction.â€