Ft. Lauderdale’s iconic Bahia Mar Yachting Center has a new partnership of owners: Tate Capital, Rok Acquisitions, Rialto Capital Management, and RCI Marine.
The new owners have indicated they plan to improve the Fort Lauderdale International Boat Show, which is centered around Bahia Mar, and also develop more activity around the marina year-round. They also plan to upgrade the hotel and add shops, restaurants and condos.
Tate Capital is a Miami-based family group that, according to its Web site, focuses on distressed multifamily and commercial properties.
Rok Acquisitions is a Miami-based real estate investment group whose portfolio includes large retail centers, historically significant landmark properties, and luxury office buildings.
Rialto Capital Management is a Miami-based real estate investment and asset management company for specializes in distressed and undermanaged loans and properties.
RCI Group owns Miami Beach Marina and Boston Yacht Haven, and has plans to develop a 250-slip marina called Steelpointe Harbor in Connecticut.
According to the Miami Herald, the Tate/Rok group is the controlling member of the investment group, collectively owning 57.5 percent. Rialto, a subsidiary of Lennar, holds 37.5 percent. RCI Marine holds 5 percent.
Bahia Mar was owned by LXR Marinas, an affiliate of Blackstone Real Estate Advisors LP. LXR still owns the Hilton Fort Lauderdale Marina and Pier 66 Marina.
The cost of the transaction was not disclosed.