Suntex Ventures, Marinas buys Snook Bight Marina

BUYER: ST Snook Bight LLC (ST Fund GP LLC), Dallas
SELLER: Snook Bight Marina LLC
PROPERTY: 4761 and 4765 Estero Blvd., Fort Myers
PRICE: $5 million
PREVIOUS PRICE: $5.9 million, July 2004
LAW FIRM ON DEED: Roetzel & Andress LPA, Naples

PLANS, DESCRIPTION:
Suntex Ventures and its subsidiary Suntex Marinas, a Dallas-based owner and operator of marina properties, purchased Snook Bight Marina on Estero Island for $5 million.

The marina includes 70 floating docks for boats up to 50 feet, 200 indoor dry storage slips, a marine service center, store, boat, kayak and paddle board rentals and a fuel dock. It is also home to the Bayfront Bistro restaurant and several charter boat operations.

Suntex Partners currently owns 22 other marinas in Texas, Georgia, Florida, New Jersey, New York, Massachusetts, Iowa, Virginia, Arkansas, and St. Maarten. It previously owned the Tierra Verde Marina in Tampa. Suntex Ventures is a Dallas-based real estate investment fund, which focuses on mixed-use waterfront properties including marinas.

The purchase entity, ST Snook Bight LLC, mortgaged the property to American Bank of Texas for $9.4 million.