Multiple Competitive Offers

The Situation

The potential sale of Black Oak Marina was discussed by the owners a few years before the actual transaction. This was largely due to the price initially being outside the expected range, and over the following three years, LIPG continued to work with the owners. The marina’s income was primarily derived from storage, and the owners had added over 25 wet slips to further increase NOI, alongside rent increases and enhanced boat rental revenue.

In early 2022, the valuation and strategic analysis were updated by LIPG to reflect market pricing that was satisfactory to the owners. A considerable amount of work was carried out behind the scenes between LIPG and the sellers to compile data and marina information, much of which was presented in a first-class offering memorandum.

LIPG Difference

Before the listing was agreed upon, the strategy and marketing process to be implemented were discussed by LIPG. Each marina presents unique characteristics for various reasons, but the property, operations, location, and potential of this particular asset were well-understood by LIPG, which was key to effectively positioning it on the market. This understanding made a significant difference.

Approximately 15 site visits and 10 written offers were generated by the LIPG process. With a high level of interest within the first three weeks on the market, a best and final round was initiated, inviting only four of the original ten offerers to submit their final offers. The price points were very close, and the deal terms were similar.

The pros and cons of each offer, along with the sellers’ experiences with each party during site visits, were outlined by LIPG in consultation with the sellers. This helped in ultimately selecting the next steward of Black Oak Marina.

Winning Result

The competitive process resulted from an excellent asset developed by the ownership, combined with the LIPG marketing platform and network. This collaboration led to a much better outcome than the owners expected, with a closing occurring a few months after moving to contract. Potential “pitfalls” were encountered along the way, but the sellers were guided through these challenges smoothly by LIPG, achieving excellent results for both the sellers and the buyer.

“We were all very pleased with the effort, professionalism and results of the work done by the LIPG on our behalf, and would recommend them to anyone looking to have their marina marketed by marina specialists.”

– Former Owner, Black Oak Marina

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