On December 17, Grove Point finalized the purchase of Bosun’s East Falmouth Marina, formerly known as Edward’s Boat Yard, located on the Childs River, for $1,606,000.
In a separate transaction completed the same day, the company acquired Mashpee Neck Marina on Frog Pond Close for $4,669,300. Both marinas were previously owned by Timothy W. Leedham of Bosun’s Marine, operating as 1209 East Falmouth Hwy LLC and 21 Frog Pond Close LLC, respectively. Both sites are in southeast Massachusetts in the western area of the Cape Cod peninsula, a haven for boating and fishing.
Toy Storage Nation covers stories on marina assets because of their similarities to RV/boat and self-storage assets. Recognized as a high-performing storage asset, marinas are attracting growing numbers of investors. Many marinas across the United States are mom-and-pop owned/operated and in dire need of upgrades to compete against newer or remodeled properties catering to luxury boat/yacht owners willing to pay a premium for high-level storage services.
Mashpee Neck Marina was the first of the two properties acquired by Leedham. He purchased the marina in December 2001 after the investment firm holding majority ownership defaulted on its obligations. In 2011, Leedham was later approached by Charles Swain, the owner of Edward’s Boat Yard, who offered him the East Falmouth marina property.
Over the years, both marinas underwent maintenance and upgrades. At the former Edward’s Boat Yard, two large buildings on the site were removed, and a new, 6,000-square-foot structure was built. The parking lot was regraded and paved to better direct stormwater runoff. A new wash pad with a water recycling system, new fuel dock and travel lift were also installed. Some of the old boat ramps were filled in and the entire bulkhead along the property was rebuilt and realigned.
Waterside improvements included removing and rebuilding the docks, using fixed and floating piers, and the river around the docks was dredged to improve access. Work there was completed in spring 2022.
These two acquisitions add to Grove Point’s purchase of Green Pond Yacht Club, which the firm acquired for $7.8 million in October 2024. The investment firm currently owns nearly two dozen marina properties across 12 states.
