Gregory Boat and Marina Continue Under the Lormax Stern Flag
- May 09, 2016
Detroit—Lormax Stern, a Bloomfield Hills-based real estate development firm, announced the acquisition of the century-old family businesses Gregory Boat Company and Gregory Marina. Both will remain fully operational following the transaction, but under different names.
The Gregory Marina, located on Clairpointe Street on the Detroit River, is now called KAM Marine and KAM Yacht Sales. The facility retained its staff and its activity. Therefore, it will continue to offer winter storage, service/sales, while increasing the variety of boats it sells, now ranging from 20-80 feet in length.
The Gregory Boat Company, founded in 1906, situated on E. Jefferson Avenue, returned to its historic 1940s name, the Detroit Boat Basin. Kathy Gregory will maintain her position as president of the company and she will continue to work with her team, offering a full range of marina services, including brokerage, service/sales, and storage.
“We have been given a tremendous opportunity to continue serving Detroit River boaters and buyers. We proudly embrace our own future and that of the city of Detroit as we return to our roots. Lormax Stern has given us a new future at a time when it appeared uncertain for us, and as the entire riverfront continues to see development and growth, we will remain part of that positive change,” said Kathy Gregory.
Lormax Stern announced it will focus on the expansion and growth of the two Detroit landmarks, while also preserving their legendary status. “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. We’re committed and look forward to ‘steering’ these two regional institutions in the right direction… continued growth and expansion”, said Daniel Stern, partner of Lormax Stern.
The transaction strengthens Lormax Stern’s policy to work closely with the communities they serve to ensure long term results that benefit the entire area.
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