Bald Head Island sells several assets to SharpVue Capital

BALD HEAD ISLAND, NC (WECT) – Bald Head Island Limited has entered into an agreement to sell all remaining Mitchell family operations and related real estate assets related to Bald Head Island to SharpVue Capital.

The assets were sold for $67.7 million, including $56 million for the regulated ferry and tram system, the unregulated tug and freight barge operation and the Deep Point parking facility in Southport .

“The George P. Mitchell family established and developed these operations and infrastructure assets to aid in the development of the island and this agreement transforms them into a reputable and experienced owner and operator with strong ties to North Carolina,” said Chad Paul, CEO of Limited, in a recent press release. “Our team is committed to ensuring a smooth and seamless transition for the benefit of Islanders, employees and the wider 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 barge parking and operation regulations.

“We recognize the responsibility to operate critical infrastructure in a safe, reliable and cost-effective manner,” said Lee Roberts, Managing Partner of SharpVue. “We plan to continue the legacy of high-quality stewardship and service that the Mitchells have established, and we are delighted that the excellent employees and long-serving management team will remain in place to ensure seamless continuity of operations. daily. ”

Lack of rating of BHI transport system prompts state auditor to call for pause in bond selling

State Treasurer Asks Owners to Donate Bald Head Island Ferry System

Copyright 2022 WECT. All rights reserved.

Comments are closed.