Cross-Product Type Buyer
Cross-Product Type Buyer Case Study
In October 2018, Steven Ekovich brokered the sale of Lady’s Island Marina (located in Beaufort, South Carolina). This deal was particularly unique because the marina was divided between leasable wet slips and dockominiums. The seller was an investment fund out of Houston, TX and the buyer was an education psychologist in California searching for the ideal working retirement opportunity. In addition to 76 wet slips, the property included a waterfront restaurant (Dockside), a Boathouse, and leased office and commercial space.
Our team brought the property to market at $3.225M and proactively marketed the opportunity to investors around the country. This core buyer group we focused on were private clients and owner-users, as a property this size is ideal for those investors. Given the passive nature of the operation and attention garnered in the first two months, Steven generated three offers within 80 days.
After 76 days on market and three offers, the perfect buyer was found in a reverse 1031 exchange out of California. The investor was a cross-product type buyer (moving from one asset class to another – in this case, apartments to a marina). In addition, this opportunity presented the buyer with the perfect working retirement situation, an ideal location, and great opportunity to transform the marina to a first-class operation for the community and best serve the customers and residents.
“You [Steve] and Brett put together a great OM. Your advice that I make repairs/touch ups to the property (especially the parking lot) might well have been critical to the sale, and I learned a valuable lesson that first impressions matter a lot.” – Seller, Lady’s Island Marina
Check out other case studies to learn more about our effective marketing process!