SOUTHFIELD, MICHIGAN—Sun Communities, Inc., a real estate investment trust (“REIT”), announced on Sept. 29 it has entered into a definitive merger agreement to acquire Safe Harbor Marinas, LLC (“Safe Harbor”).
Subject to closing adjustments, the aggregate purchase price for Safe Harbor is approximately $2.11 billion.
Safe Harbor owns and operates 101 marinas, manages five marinas on behalf of third parties and has an approximate 40,000-member network of boat owners across 22 states. Safe Harbor’s full operating team, led by Baxter Underwood, will run Safe Harbor as a subsidiary of the company independently from Sun’s manufactured home and recreational vehicle community business.
“Safe Harbor’s scale and unique positioning, coupled with the fragmented marina industry, should provide us with incremental channels to drive shareholder value in the coming years,” Gary A. Shiffman, Sun’s Chairman and CEO, said in a released statement. “This transaction increases our geographic and customer diversity and introduces a new platform that can enhance our ability to generate industry leading returns.”