Unpriced Marketing Strategy

Lazy Days Marina | Buford, GA

Unpriced Marketing Strategy Case Study


Lazy Days Marina is a trophy property located 45 minutes north of Atlanta.  Aqua Marine Partners (AMP) purchased the property in 2006 and financed the acquisition, but the Great Recession impacted the NOI and ultimately value.  Although refinancing was considered, AMP made the decision to sell since refinancing would require additional equity.

Two brokers were interviewed and after reviewing LIPG’s Pricing Proposal and talking with the LIPG team, AMP selected LIPG due to its marina specialization, its established industry relationships, and LIPG’s confidence that it could obtain $1M to $1.5M more in proceeds than what the other broker was indicating.


LIPG chose to take the listing to the market unpriced, as there had been no recent sales of comparable lake marinas near major metropolitan areas. We were confident that the property would get sufficient interest to validate a market price due to its large size and its proximity to Atlanta, offering the potential for  strong offers.  Marketing began at the end of July 2015.  While the property was exposed to the market through our database and website, the primary method of generating interest was direct calls to prospective buyers that LIPG knew would have an interest in a property of this size and were qualified to buy it.  After initial positive feedback, LIPG set a Call for Offers date in early September.


The Call for Offers was successful, generating five offers from qualified bidders including three of the largest marina owners in the nation.  The winning bidder was Westrec Marinas, one of the nation’s largest owner-operators.  Westrec’s price equated to an 8.25% cap rate on in-place NOI, which is considered very strong as most lake marinas trade for 9% to 11% cap rates.  Subsequent to acceptance of the LOI there was a delay during which AMP had to obtain lender consent to the sale.  LIPG managed the buyer’s expectation regarding this issue and once approval was obtained a PSA was signed.  LIPG managed the closing process and the transaction closed after one more delay due to the Army Corps of Engineers not acting on the transfer of the lease for several weeks.  In March 2016, the sale closed consistent with the terms of the contract.

Check out other case studies to learn more about our effective marketing process!

TOP Call Now Button