Multiple Competitive Offers

Black Oak Marina

Great interest in the first 3 weeks

15 – Site Visits

10 – Written Offers

4 Final Offers

Closed a few months after moving to contract

The Situation

Ownership of Black Oak Marina started discussing the potential sale of the property a few years ahead of the actual transaction.This was largely due to price being outside the range of expectation, to which LIPG continued to work with ownership over the following three years. The marina is predominantly storage income, and ownership had added another 25+ wet slips to further increase NOI, in addition to rent increases and increased boat rental revenue.

In early 2022, LIPG updated the valuation/strategic analysis to reflect market pricing that was satisfactory for the owners. A lot of work went on behind the scenes between LIPG and the sellers to compile data and marina information, most of which was presented in a first-class offering memorandum. 


LIPG Difference

Before the owners agreed to list, LIPG discussed the strategy and marketing process to be executed. Every marina is different for several different reasons, but LIPG’s understanding of the property, operations, location and upside was instrumental to positioning the asset as effectively as possible on market. This is the difference. The LIPG process generated approximately 15 site visits and 10 written offers. With a great amount of interest within the first three weeks on market, LIPG moved to a best and final round, where only four of the original 10 offerors were asked to submit their final offer. Price points were very, very close, and deal terms were similar. LIPG consulted with the sellers to outline the pros and cons of each offer, in addition to the sellers’ experience with each party on the site visit, and ultimately decide on the next steward of Black Oak Marina.


Winning Result

The competitive process was a result of an excellent asset built by ownership, coupled with the LIPG marketing platform and network – together, the result was much better than ownership expected, with a closing a few months after moving to contract. Along the way there were potential “pitfalls”, but the LIPG helped the sellers navigate those potential pitfalls smoothly and with excellent results for both the sellers and 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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