Hiring LIPG After Previous Marketing Efforts

All Seasons Marina

In June 2019, the LIPG marina team brought All Seasons Marina to market for $8,000,000. The owner had the property on the market for several years, with many different brokers during that time. This created a very challenging marketing process because LIPG was faced with a situation where the most serious buyers had already seen the property (and likely made conclusions about the asset), and when a property sits on market for a long time, it inherently creates a poor stigma. 

To make the situation even more challenging, ownership desired a confidential marketing process to keep the news that the marina was still for sale a secret from employees. This further diminishes the buyer pool because the exposure is much more limited in nature. As with every marina assignment, the LIPG prepared a first-class offering memorandum that was only accessed by each buyer after signing the confidentiality agreement. (*NOTE FOR OWNERS: The confidential marketing process further limits information about the property before and NDA is signed, such as no name, no pictures, and just a general location to give investors an idea of the asset).

The LIPG offering memorandum took a fresh approach to valuation and property narrative, fully communicating the asset, how it had performed over the last few years, and reevaluating conclusions that investors had made on their own without all the facts. 

After delays in the marketing process due to the COVID 19 pandemic, LIPG generated two strong offers within 3% of the list price, with the winning bid going to a buyer in a 1031 exchange. Due to timing, however, the buyer ultimately executed a reverse 1031 exchange into the marina. Both offers were highly competitive, and the property closed at 98% of list price.

This is just one scenario of many where the LIPG proved that while a marina could sit on market for years with inexperienced/non-specialized brokers, our expert marina team brings an unparalleled knowledge of the industry and attention to detail with each asset that can mitigate poor stigmas for a desirable result.