Bald Head Island sells several assets to SharpVue Capital
BALD HEAD ISLAND, N.C. (WECT) - Bald Head Island Limited has reached an agreement to sell all of the remaining Mitchell Family operations and associated real estate assets relating to Bald Head Island to SharpVue Capital.
The assets have sold for $67.7 million, which includes $56 million for the regulated Ferry & Tram System, the non-regulated Tug & Freight Barge operation, and the Deep Point Parking facility in Southport.
“The George P. Mitchell family established and grew these infrastructure operations and assets to aid the Island’s development and this agreement transitions them to a reputable and experienced owner and operator with deep ties to North Carolina,” said Chad Paul, CEO of Limited, in a recent news release. “Our team is committed to ensuring a smooth and seamless transition, for the benefit of islanders, employees, and the greater community.
The sale was further pushed back after the Village of Bald Head Island filed a petition with the North Carolina Utilities Commission in February of this year to receive parking and barge operation regulations.
“We recognize the responsibility of operating critical infrastructure in a safe, reliable, and cost-effective manner,” said Lee Roberts, managing partner of SharpVue. “We plan to continue the legacy of stewardship and high-quality service the Mitchells have established, and we’re pleased that the excellent employees and long-standing management team will remain in place to ensure seamless continuity of day-to-day operations.”
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