ShoreGate Harbor LLC, an affiliate of ShoreGate Partners, an Easton, Maryland-based commercial real estate investment, management and development company has acquired 125 and 305 Mulberry Street in the St. Michaels waterfront area of Talbot County from Cirrus Equity Corporation for an undisclosed price. The multi-faceted asset contains 650 feet of prime commercial waterfront and consists of St. Michaels Marina, featuring 55 transient boat slips, sit-down restaurants St. Michaels Crab & Steakhouse, Foxy’s Harbor Grill and The Lighthouse Oyster Bar, as well as complementary amenities including a fueling station, retail store and shower/bath facility for boat owners.
ShoreGate Partners has assumed all asset and property management service responsibilities for the entire marina and restaurant complex and anticipates no day-to-day changes for the commercial spaces, which have been operational for more than 30 years. The leases at all three restaurant properties as well as the marina itself remain intact after the acquisition and each will continue to operate on a business-as-usual basis.
“Our team has established strong roots in Talbot County, and we have long been familiar with the widely-regarded reputation of St. Michaels Marina as a premier recreational boating destination on the Chesapeake Bay,” explained Justin Nonemaker who, together with Eric Zagorsky, co-founded ShoreGate Partners in 2013 and remain as principals of the company. “When the opportunity to acquire this asset emerged, we immediately seized it based on its stature in and economic impact on Talbot County. Our plans include executing strategies to increase the visibility and use of 125 and 305 Mulberry Street to the benefit of the existing tenants, local residents and visiting tourists in addition to achieving long-term value creation.”
Several ownership groups continue to invest in a number of new large-scale development and renovation projects in the St. Michaels area that have heightened the real estate momentum of the region. This includes the re-branding of the Harbourtowne golf course to The Links at Perry Cabin, a project highlighted by a new clubhouse and a reimagined course; improvements currently being undertaken at the Inn at Perry Cabin, as well as the future investment to upgrade the Harbourtowne lodge.
“Our investment in this prime commercial waterfront real estate capitalizes on the on-going activity underway, which ultimately will elevate recreational and hospitality real estate holdings in Talbot County,” added Eric Zagorsky. “We are currently evaluating the timeline to initiate improvements to this project to upgrade its waterfront presence and are committed to its execution in the future. Acquisition opportunities along the St. Michaels commercial and retail waterfront are exceedingly rare, and we intend to raise the profile of this asset throughout the Maryland, Virginia and Delaware region. The location of St. Michaels Marina along Mulberry Street serves as one of the primary waterfront entry points to the town, a position on which we plan to capitalize.”
Douglas Walker of McAllister, DeTar, Showalter & Walker provided legal services for the seller and Bruce Amistead of Armistead, Lee, Rust & Wright, P.A. was the legal counsel for the buyer.
ShoreGate Partners invests and manages a real estate portfolio containing a wide range of holdings including commercial and multi-family properties located throughout the Mid-Atlantic region. The company seeks high quality real estate holdings that has the potential to generate strong returns with long-term value creation. Representative projects include multi-family apartment complexes in York County, PA, several flex/industrial projects within the Annapolis Design District section of Anne Arundel County, four self-storage facilities on the Eastern Shore of Maryland, as well as diverse multi-family and commercial holdings in Talbot County, MD. Visit www.ShoreGatePartners.com
