The client owned a marina in Florida and Surfside Marina south of Houston, TX. For more than a year, Matt Putnam and Dan Grovatt took an advisory role, analyzed both marina operations, provided broker opinions of value and presented the client with options. Through that process, the client made the decision to sell Surfside and reinvest into an expansion project at the Florida marina. The client chose to exclusively list Surfside marina with a deal team lead by Matt Putnam.
The deal team took the property to market unpriced because, in addition to a stable marina operation, the offering included land to expand the dry stack operation along with land for residential/hospitality development. After a few early setbacks including, initially, a 3-day red snapper season announcement, tropical storm Cindy and Hurricane Harvey, several interested parties were engaged. Property tours were scheduled on an as requested basis and finalization of a call for offers date was being set. At that time, a buyer emerged that wanted to preempt the call for offers process. With the seller amenable, an offer was submitted and negotiations began.
With the buyer conditioned to the process the deal team ran from previous experience and the understanding that multiple other groups were engaged, the offer contained strong terms including proof of funds and a loan commitment. Due diligence began in earnest. Since the seller developed and built the marina himself and it had never transacted, there were some unforeseen issues that came up during due diligence. With the deal team intricately involved in the process on behalf of both the buyer and seller, the issues were able to be resolved and the transaction closed with minimal delay to the original timeframe.
Date Published: 01/02/2017