Sea Star Base Galveston Hits the Market
JLL & Cushing Capital are offering for sale the asset’s 56.8K sqft building, marina, site improvements, adjacent land, warehouse & maintenance shop
JLL and Cushing Capital announced today that they have been engaged to market for sale Sea Star Base Galveston’s (SSBG) 56.8K-square-foot building, its marina and a variety of site improvements and structures that support a world class youth sailing program on Offatts Bayou. The offering also consists of supporting properties, including the 1.042-acre vacant residential parcel adjacent to the property, the 5,029-square-foot Sea Star Base Galveston warehouse and the 10,925-square-foot maintenance shop and its adjacent land.
Completed in 2014, the LEED-certified, five-story SSBG building features a fifth-floor banquet hall, commercial kitchen, conference rooms and staff offices. Additionally, the building offers 192 beds within dormitory style accommodations for staff and participants, as well as a ground-floor retail shop, storage, commissary and breezeway gathering area. Additional site amenities include an elevated building dedicated to the sailing program; a 2,105-sqaure-foot office structure; an 1,100-square-foot covered gathering area with restrooms, showers and changing areas; a four-lane lap pool; a marina with a floating pier system; a boat crane and ramp launch; a 12,000 KVA generator and more. The property is located at 7407-7511 Broadway St., fronting Offatts Bayou and I-45 South.
The adjacent 1.042-acre vacant residential parcel, zoned RES/REC (Resort/Recreational), is deed restricted to residential use. The SSBG Warehouse is utilized for storage, transportation and parking and is located at 7402 Broadway St., immediately north of the main building. Situated at 7511 Hwy. 6 in Hitchcock, the maintenance shop and its adjacent land are 11 miles northwest of the SSBG building. Built in 2012, the 20-foot clear height, crane-served shop is used for repairs and additional storage and includes a .28-acre, adjacent, undeveloped land parcel. The properties are all just under 50 miles from Houston, Texas.
Originally designed as home to a world class youth sailing program in a waterfront setting, this highly adaptable structure and the supporting properties can be operated to fulfill the original mission or redeveloped, offering a broad array of possibilities. Capitalizing on stunning views of Offatts Bayou and the Moody Gardens pyramids, uses, including hotel, convention, office, medical and spa, would all be possibilities on the 4.92-acre site, which can easily accommodate additional structures. All furnishings, boat inventory and incidentals to the operation of the facility are included in the sale.
JLL’s Land Advisory team and Cushing Capital represent the seller. The JLL team includes Simmi Jaggi, Travis Smith and Ryan Olive, and the Cushing Capital team includes George Cushing and Wendy Vandeventer.
"We are thrilled to present this exceptional investment opportunity to acquire Sea Star Base Galveston and its supporting properties,” said Simmi Jaggi, Executive Vice President at JLL. “With its prime waterfront location, adaptable infrastructure and vast potential for redevelopment, the property holds tremendous promise for investors looking to make a significant impact in this thriving region."
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.