Bloomfield-based Lormax Stern has acquired the legendary the 110-year-old Gregory Boat Co. and Gregory Marina on Detroit’s waterfront. The purchase will allow each of the maritime entities, previously sharing the same ownership, to remain fully operational. Terms of the agreement were not disclosed.
“Both the Gregory Marina and Gregory Boat Company shared a rich history in this region,” says Daniel Stern, Partner of Lormax Stern. “They are each important parts of Detroit’s past and, with this purchase, we help to ensure that they both remain an important part of Detroit’s future.”
The Gregory/Northern Marina, located on Clairpointe near Jefferson on the Detroit River, has been operating under the name KAM Marine and KAM Yacht Sales, a division of Lormax Stern, for the past season. KAM Marine and KAM Yacht Sales will continue to offer winter storage, service/sales, and are increasing the breadth of boats it sells, now ranging from 20-80 feet in length.
The Gregory Boat Co., which is located on East Jefferson across from Belle Isle, will assume its historic name, the Detroit Boat Basin. The marina will remain under the leadership of Kathy Gregory, president of the full-service marina. Detroit Boat Basin will continue to offer brokerage, service/sales, storage, and more. “We have been given a tremendous opportunity to continue serving Detroit River boaters and buyers,” Gregory says. “We proudly embrace our own future and that of the city of Detroit as we return to our roots.”
Stern says his company is forging an ongoing commitment to the metro Detroit community at large. “We saw the immediate business opportunity, but moreover we saw the need to preserve two entities that are important to Detroiters and the Detroit riverfront,” he says. “We’re committed and look forward to ‘steering’ these two regional institutions in the right direction…continued growth and expansion.”
Lormax Stern is a Detroit-based development company with a national reputation for the development of shopping centers and strategic acquisitions.