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One Particular Harbour


The client, Minto Communities, is a Canadian based developer of residential communities.  As part of their 600+/- unit residential development near Anna Maria Island, they constructed a brand-new marina facility to serve as an amenity to the community and the public.  With no desire to be in the marina operating business, Minto was looking for a suitable partner for the marina operation while also maximizing proceeds through the sales process.


The Leisure Property Advisors were tasked with not only marketing the unfinished asset to the local, regional and national buyer pool, but first, creating a business plan and five-year cash flow model to position the opportunity credibly. On May 3rd, 2018, the marketing campaign was officially launched. After getting the offering in front of more than 10,000 targeted investors and getting a featured article about the sale in the Bradenton Herald, interest was gauged and a call for offers was set for June 21st, 2018.


The process resulted in several interested parties and produced eight qualified offers by the final bid deadline.  The bidders were a diverse mix of national companies, industry players, local and regional investors, individuals with intrinsic interests in the facility.  Two groups emerged from the pack as the most qualified candidates and participated in a best and final offer process. The winning party was chosen, an LOI was signed and contract negotiation began. Because part of the parcel the marina was being built on was to be bifurcated and sold separately for a hotel development, and the sale of that piece was already under contract, negotiating the PSA for marina, along with a reciprocal easement agreement between the eventual hotel owner/operator and the marina owner/operator took longer than usual. By taking an active role in the negotiating process and having run a competitive bid process to vet potential buyers, LPA was able to help buyer and seller navigate the process and close the deal successfully on the original terms of the LOI.