The Situation
Full-Service Marina
The subject marina, which was damaged by a hurricane, had been in bankruptcy. The lender eventually foreclosed and took fee simple title to property. 1912 Ventures was engaged to market the property for sale via an online auction.
The Approach
Finding qualifed buyers for a specialty property
Over a 35-day marketing period, 1912 Ventures promoted the property to the market and targeted existing marina operators. The goal was to identify qualified buyers for this specialty property:
- Spoke to approximately 100 prospects, focusing on marina owners and operators across the Gulf Coast
- Received over 50 signed confidentiality agreements
- Toured 25 investment groups
- Had nine prospects submit a deposit and proof of funds to participate in auction
- Bidders included investors and marina owners/operators
The subject marina, which was damaged by a hurricane, had been in bankruptcy. The lender eventually foreclosed and took fee simple title to property. 1912 Ventures was engaged to market the property for sale via an online auction.
The Solution
Deal of the Week
The marina property drew the most activity and highest number of bids out of the 13 commercial properties around the country being auctioned by the debt fund on that same day.
The transaction was honored by the Houston Chronicle as its commercial real estate Deal of the Week.
