Old Port Cove Portfolio Sold to Safe Harbor

PRESS RELEASE_NORTH PALM BEACH, FL. January 23, 2018 - Old Port Cove Holdings, Inc. (“OPC”) of North Palm Beach, Florida, a leader in state-of-the-art marina properties has entered into an agreement to sell its portfolio of Palm Beach County assets to the largest owner/operator of marinas in the world, Safe Harbor Marinas, LLC (“Safe Harbor”). The sale includes all three full-service marina properties; Old Port Cove Marina, North Palm Beach Marina and New Port Cove Marine Center and associated amenities. Cumulatively these marinas can accommodate nearly 650 vessels ranging in size from 20’ day boats to 200’ Mega-yachts. The sale also includes the 48,000 square foot office/retail complex known as Cove Plaza as well as Sandpiper’s Cove Restaurant and Bar located on the water at Old Port Cove Marina.
 
Richard G. Morgan, President of OPC said “one of the numerous attractions in dealing with the Safe Harbor team was their commitment and dedication to providing the highest standards of excellence, quality and legendary customer service to the boating public. This dedication from Safe Harbor closely mirrors OPC’s own long established operational practice and commitment to its members and employees and the entire OPC team is thrilled and excited to become a part of the Safe Harbor family.” 
 
As owner/operator, OPC has been a leader in the marina industry in the Palm Beaches since the early 70’s. Its marina portfolio, which began with the flagship facility Old Port Cove Marina, was followed by the purchase of New Port Cove Marine Center in 1988 and North Palm Beach Marina in 1989. Over the years, all three of the marinas' docking facilities have been replaced from the water/ground up always keeping the environment and their boater friendly motto in mind.
 
Old Port Cove Marina was the first marina facility in Palm Beach County to be designated as a “Clean Marina” by the Florida Department of Environmental Protection and North Palm Beach Marina and New Port Cove Marine Center soon followed furthering the company’s commitment to the conservation and protection of the Lake Worth Lagoon. 
 
“The Old Port Cove team and their first class collection of assets are a great addition to our ever-growing portfolio”, said Jason Hogg, Senior Vice President of Safe Harbor Marinas. We understand just how special these assets are, and we are committed to see them grow and thrive for years to come.”

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