Just Sold: Boaters pay $6 million for Caribbean Marina.

Byline: Anne Bretts

Editor's note: "Just Sold" is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State's Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here.

Nearly 60 years ago, Gordon and Rosalind Koch began operating the Caribbean Marina and Dockside Bar & Grill in Tonka Bay. Now the daughters who inherited it have sold the Lake Minnetonka business and real estate to six avid boaters for $6 million.

Tonka Bay Property Holdings LLC, an investment group formed by Dave and Kristin Hemink, Rob and Laura Schatzle, and Shawn and Kelly Wischmeier, closed May 31 on the purchase of the landmark marina at 135 Lakeview Ave. and 100-110 Sunrise Ave.

"We all met through boating," said Dave Hemink, noting that all the couples live in communities around the lake. The Schatzles will run day-to-day operations, while the others are investors with day jobs, Hemink said. Hemink is CEO of Minneapolis-based Nonin Medical Inc. Shawn Wischmeier is chief investment officer of The Margaret A. Cargill Foundation. Kristin Hemink and Kelly Wischmeier work at home.

The Schatzles also own RSI Marine, located in a landlocked spot at 1533 Third Ave. W. in Shakopee. The sale means they will be adding a second business with a prime location on the area's best-known lake. The marina is on the lower lake, just west of Excelsior on Echo Bay, with views of Big Island.

RSI offers sales, parts, repairs, and maintenance of boats and personal watercraft, as well as indoor/outdoor boat storage.

The Shakopee and Tonka Bay businesses won't be merged, but should generate new revenue for each other, Hemink said.

The sale includes the 144-slip marina, the outdoor-only restaurant, two vacant parcels and the home where the daughters grew up and one still lives. The property once was the site of the historic Tonka Bay Hotel.

As with many sales around the lake, this one came about through word-of-mouth, mixed with personal connections and family transitions.

Rosalind Koch died a decade ago. Gordon Koch died in 2015 at 90, leaving the business to Terri Biedler and husband Gerald of Buffalo, Linda Ann Koch and...