EVERETT — The Port of Everett agreed this week to pay $6.1 million to buy back the ground lease of Everett Marina Village, which includes Anthony’s Homeport and Woodfire Grill.
Everett Marina Partners had a 50-year lease for the property through 2032. The property included five structures, nine tenants and nearly 210 parking spaces.
The partners were looking to sell the leasehold on the property, Lisa Lefeber, chief of policy and communications at the port, said in an email.
“It made the most sense for the port to reclaim the leasehold and the assets associated with that lease to ensure the stability of the village and the tenants that lease there,” Lefeber said.
Marina Village is south of the port’s Waterfront Place. The site includes Anthony’s, Moon Tree Asian Tapas, a hair salon, offices and medical uses.
The site was originally developed in the early 1980s following port authorization of a 50-year ground lease with Diversified Marina Enterprises. Everett Marina Partners took shape with the addition of new partners in 1984.
Coast Real Estate Services has been managing the property for the past 20 years for California-based Everett Marina Partners. Coast Real Estate Service’s Mike Balicki represented the seller in arranging the sale.
The deal is a win for the partners, the port, the tenants and the public, said Tom Hoban, CEO of Coast Real Estate Services.
“The ground lease was within 16 years of expiring and the port had indicated it had no intention to extend the lease, so that doesn’t give the current landlord the ability to have a long-term view of the asset,” Hoban said.
Hoban praised praised Terrie Battuello, the port’s chief of business development, and her staff for working on the complicated transaction. The public will have more say in the future of the development, he said.
“We liked the idea of having the property in the port’s hands,” Hoban said. “The public would often approach us about what it wanted the Marina Village to be, but as a private owner the partners had to respond to what the market demanded.”