Marina: Bankrupt boat maker Genmar sells marina

Bankrupt Minneapolis boat manufacturer Genmar Holdings Inc. has unloaded a marina that the company owned on Lake Minnetonka in Orono for $3 million.

The $3 million deal closed on Nov. 30. The marina has 111 boat slips on Brown’s Bay. The 3.28-acre property is located at 1449 Shoreline Drive in Orono.

Ryan Tibbits and Pete Rand of Bloomington-based NorthMarq represented Genmar in the deal.

Tibbits, a senior adviser with NorthMarq’s Corporate Solutions division, said that the property drew eight offers and that the sale topped the original $2.5 million listing price.

RLA Family Limited Partnership bought the marina.

Tibbits said that the NorthMarq is also marketing boat manufacturing facilities in Florida and Oregon for Genmar, but that neither has sold yet.

It’s been a bumpy year for Genmar. The privately held firm filed for Chapter 11 bankruptcy in June.

Well-known Twin Cities investor and dealmaker Irwin Jacobs resigned as chairman, CEO and company director of Genmar in November, clearing the way for his own plans to bid for the company that he has long run.

A California private equity firm has submitted the first bid for the company. The auction for Genmar is set for Jan. 7.

http://www.finance-commerce.com/article.cfm/2009/12/18/Bankrupt-boat-maker-Genmar-sells-marina-for-3-million

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