Little Creek Marina in Virginia has been sold to Morningstar Marinas, with SVN Marinas advising on the transaction on behalf of Bonaventure. Located within Norfolk’s East Beach and Pretty Lake area, the marina offers direct access to the Chesapeake Bay and the Atlantic Ocean.
Little Creek Marina has around 200 wet slips and more than 6,000ft (1,829 metres) of dockage. It can accommodate vessels from 30-80ft (nine to 24 metres), including slips with in-water lifts. Recent upgrades at the site include new docks, updated utility systems and renovated upland spaces.
The site is close to employment and travel hubs, including Naval Station Norfolk and Joint Expeditionary Base Little Creek-Fort Story, as well as the Norfolk International Airport, downtown Norfolk and Virginia Beach.
SVN Marinas’ David Kendall, Josh Sheppard and Brian Arnold advised on the sale, with SVN Miller serving as the Virginia broker of record.
David Kendall, managing director at SVN Marinas, commented: “Little Creek Marina represents a best-in-class marina asset within the Mid-Atlantic region. The combination of strong in-place cash flow, recent capital improvements and long-term growth potential make this a very compelling acquisition. We are pleased to have advised on this transaction and to have facilitated a successful outcome for both Bonaventure and Morningstar Marinas.”
Morningstar Marinas, part of Morningstar Properties, LLC, has expanded its presence across the Mid-Atlantic and Southeast since entering the marina sector in 2004. The company operates multiple marina locations alongside its self-storage portfolio across the United States.
