CrossCore investment firm diversifies portfolio with purchase of first marina and campground
DRAYDEN, MD, July 28, 2023 – CrossCore, a boutique real estate investment firm based in Washington, D.C., has purchased Dennis Point Marina and Campground in Drayden, Maryland, for an undisclosed price.
The property, located at 46555 Dennis Point Way on Cartheagena Creek, is CrossCore’s first investment in a leisure property.
Andrew Cantor, Dan Grovatt and Matt Putnam of Colliers’ Leisure Property Advisors group represented the seller, Dennis Point Partners.
“Over the last several years, we’ve seen more investors add marinas and campgrounds to their commercial real estate portfolios,” said Cantor, senior vice president of Colliers. “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.”
Dennis Point Marina and Campground is located on Cartheagena Creek just off the mouth of the St. Mary’s River.
The 49-acre property has 81 deep-water slips and a waterfront campground with 105 campsites. Amenities include a pool, golf cart rentals, ship’s store and restaurant – Capt Pat’s @ Dennis Point. There is also a working boatyard that has the largest travel boat lift on the Potomac River.
“Dennis Point has gained traction over the past few years as a destination for seasonal campers,” said Grovatt, senior vice president of Colliers. “The addition of a popular restaurant tenant has also been successful for the owners. What made Dennis Point so attractive to the buyer was the significant opportunity to build on the success of the existing operation.”
CrossCore plans to upgrade the campground facilities, improve amenities and expand the wet slips to create a destination that improves the experience for visitors. The real estate investment and advisory firm has offices in Maryland and in Washington, D.C.
