DRAYDEN, MD, July 28, 2023 – Washington, D.C.-based boutique real estate investment firm, CrossCore, has made its first foray into the leisure property sector by acquiring Dennis Point Marina and Campground in Drayden, Maryland. The undisclosed transaction marks a significant step for CrossCore as it expands its portfolio in the commercial real estate market.
The marina and campground, situated at 46555 Dennis Point Way on Cartheagena Creek, drew the attention of CrossCore due to its promising prospects in the leisure industry. The property boasts a prime location at the mouth of the St. Mary's River and spans 49 acres, offering 81 deep-water slips and a waterfront campground equipped with 105 campsites. The facility has a range of amenities, including a pool, golf cart rentals, a ship's store, and a popular restaurant called Capt Pat's @ Dennis Point. Additionally, the site features a fully operational boatyard with the largest travel boat lifts on the Potomac River.
The acquisition was facilitated by Andrew Cantor, Dan Grovatt, and Matt Putnam from Colliers' Leisure Property Advisors group, who represented the seller, Dennis Point Partners. Speaking about the trend of investors diversifying their portfolios, Andrew Cantor, the senior vice president of Colliers, explained, "Over the last several years, we've seen more investors add marinas and campgrounds to their commercial real estate portfolios. Marinas have continued to perform better than other product types and have been less impacted by rising interest rates. Dennis Point provides a great entry into the market for this buyer, with a stable cash flow and a straightforward operation."
Colliers' senior vice president, Dan Grovatt, highlighted the growing popularity of Dennis Point as a favored destination for seasonal campers and attributed its success to the addition of the popular restaurant tenant. Grovatt added, "What made Dennis Point so attractive to the buyer was the significant opportunity to build on the success of the existing operation."
CrossCore has ambitious plans to elevate the property's offerings and enhance the visitor experience. The firm intends to upgrade the campground facilities, expand the number of wet slips available, and improve existing amenities. The strategic enhancements aim to create a destination that appeals to a broader audience and sets a new standard in the leisure property sector.
The decision to invest in Dennis Point Marina and Campground aligns with CrossCore's vision to maximize the potential of prime properties. With offices in Maryland and Washington, D.C., the real estate investment and advisory firm have a strong presence in the region. They are well-positioned to execute their expansion plans effectively.
This acquisition highlights the growing interest among investors in leisure properties, particularly marinas and campgrounds. As the demand for outdoor recreational activities and waterfront experiences continues to rise, these properties have demonstrated resilience and profitability in the commercial real estate market.
CrossCore's strategic move into the leisure property market signals confidence in the sector's long-term potential. By capitalizing on Dennis Point Marina and Campground's existing success and making substantial upgrades, CrossCore aims to carve out a niche in the leisure property space and enhance the offerings available to leisure-seeking individuals and families in the region. As the firm begins its journey into the leisure industry, stakeholders and industry watchers eagerly anticipate the positive impact that CrossCore's expertise will have on the property and the broader leisure property market.
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