St. Michaels Marina & Restaurants Sell for $5.75 Million
A prime section of St. Michaels waterfront— which includes a marina and three restaurants— just sold for $5.75 million.
ShoreGate Partners, an Easton, Maryland-based real estate investment company, bought St. Michael Marina, St. Michaels Crab & Steakhouse, Foxy’s Harbor Grill, and the Lighthouse Oyster Bar. All together, the properties at 125 and 305 Mulberry Street includes 650 feet of commercial waterfront.
According to Maryland property records, the property sold for $5.75 million.
St. Michaels Marina has 55 transient boat slips, a fueling station, retail store, and bathhouse facilities.
ShoreGate Partners bought the property from Cirrus Equity Corporation, and will manage the marina and restaurants directly. Shoregate says it doesn’t expect any “day-to-day changes for the commercial spaces, which have been operational for more than 30 years…and each will continue to operate on a business-as-usual basis”— at least in the near future.
“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,” explains Justin Nonemaker, co-founder and principal of ShoreGate Partners.
Co-founder Eric Zagorksy adds that ShoreGate is still deciding on a timeline to make upgrades to the property in the future.
“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,” Zagorsky says.
Other major players on the St. Michaels waterfront are also investing in improvements: the Harbourtowne golf course and lodge, and the Inn at Perry Cabin.
-Meg Walburn Viviano