Key Takeaways
- • Harrison Street has filed with the SEC for a new equity fund targeting marinas, with no fundraising target disclosed.
- • The filing was made on a Friday, and it is unclear whether the fund will be seeded with existing assets.
- • Harrison Street has prior marina experience, including a 2011 joint venture with Suntex Marinas for Liberty Landing in Jersey City and a 2012 purchase of Bay Pointe Marina and Seacrest Marine Services in Quincy, Massachusetts.
- • Institutional marina investment has risen in 2026 on strong demand and rent growth, with Miami public marina rents up 23% from 2019 to $52 per foot.
- • Savills projects the global marina market could reach $42B by 2034, up from $26B last year.
Summary
Harrison Street is launching an investment fund focused on marinas, according to a Securities and Exchange Commission filing reported by Bisnow. The asset manager filed the disclosure on a Friday. The fundraising target for the equity fund was not disclosed, and it is unclear whether the vehicle will be backed by existing assets.
The firm has a track record in the sector. In 2011, Harrison Street Real Estate Partners III joined a joint venture with Suntex Marinas to acquire Liberty Landing, a 50-acre full-service property in Jersey City, New Jersey; Suntex took full ownership in 2015. In 2012, Suntex and Harrison Street purchased Bay Pointe Marina and Seacrest Marine Services in Quincy, Massachusetts. MarineMax acquired that property in 2018, and it is now controlled by Blackstone-owned Safe Harbor, which acquired MarineMax and its 120 locations for $1.5B in August.
Institutional interest in marinas has increased this year, driven by strong demand and rent growth. Rent for public marinas in Miami has grown 23% from 2019 to $52 per foot, and more than half report occupancy above 95%. Comfortable lending terms and the inclusion of mixed-use components in waterfront developments are also supporting activity, which is expected to continue through 2027. Savills estimates the global marina market could be worth $42B by 2034, up from $26B last year.
Bisnow draws a parallel to Harrison Street's early entry into student housing. CoStar data cited in the report shows student housing investment volume reached $6.3B over the last year, up 40% from 2023 and on pace with 2024. Harrison Street sold a $910M, 12-property portfolio to Ares and The Scion Group in May, and acquired Campus Crest Communities for $1.9B, including a 79-property student housing portfolio, in 2015. Harrison Street Global Chief Investment Officer Mike Gordon told CNBC in September that the firm is focusing on properties near Virginia Tech, Penn State and Auburn University for future transactions.
The firm has a track record in the sector. In 2011, Harrison Street Real Estate Partners III joined a joint venture with Suntex Marinas to acquire Liberty Landing, a 50-acre full-service property in Jersey City, New Jersey; Suntex took full ownership in 2015. In 2012, Suntex and Harrison Street purchased Bay Pointe Marina and Seacrest Marine Services in Quincy, Massachusetts. MarineMax acquired that property in 2018, and it is now controlled by Blackstone-owned Safe Harbor, which acquired MarineMax and its 120 locations for $1.5B in August.
Institutional interest in marinas has increased this year, driven by strong demand and rent growth. Rent for public marinas in Miami has grown 23% from 2019 to $52 per foot, and more than half report occupancy above 95%. Comfortable lending terms and the inclusion of mixed-use components in waterfront developments are also supporting activity, which is expected to continue through 2027. Savills estimates the global marina market could be worth $42B by 2034, up from $26B last year.
Bisnow draws a parallel to Harrison Street's early entry into student housing. CoStar data cited in the report shows student housing investment volume reached $6.3B over the last year, up 40% from 2023 and on pace with 2024. Harrison Street sold a $910M, 12-property portfolio to Ares and The Scion Group in May, and acquired Campus Crest Communities for $1.9B, including a 79-property student housing portfolio, in 2015. Harrison Street Global Chief Investment Officer Mike Gordon told CNBC in September that the firm is focusing on properties near Virginia Tech, Penn State and Auburn University for future transactions.
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