Westrec Marinas, a marina investment company with properties throughout the country, has purchased Lazy Days Marina in Buford, Ga.
Lazy Days Marina is located approximately 45 minutes north of Atlanta. Lake Lanier is a 38,000-acre lake that is considered the primary boating destination for Atlanta area residents. The marina contains 75 wet slips for boats up to 125 feet in length and dry rack storage for 555 boats up to 36 feet in length.
“With a proactive marketing process, we were able to create significant interest in Lazy Days,” said Andrew Cantor, a marina specialist with The Leisure Investment Properties Group of Marcus & Millichap (NYSE: MMI) in their Atlanta office. “We generated multiple offers from several credible buyers both local and national, and, as a result, were able to achieve a price that translates into one of the lowest capitalization rates for a lake marina in the last several years.”
Westrec Marinas owns Holiday Marina on Lake Lanier, the facility next door to Lazy Days.
“It’s not often that a property of this size and quality is on the market, and to have it adjacent to one of our marinas made it an opportunity we could not pass up,” said Jeff Ellis, Westrec’s chief financial officer, who led the acquisition team.
Cantor works out of MMI’s Atlanta office and had the exclusive listing to market Lazy Days on behalf of the seller, Aqua Marine Partners, a marina investment company with several East Coast facilities.
“Lazy Days was our first inland lake marina and we’ve enjoyed great success with it over the past nine years,” Andrew Sturner, president and CEO of Aqua Marine Partners, said. “Andrew Cantor at Marcus & Millichap’s Leisure Investment Properties Group did a great job selling the property to investors so that we achieved our goal to maximize proceeds in the sale and redeploy that capital to continue to grow our marina portfolio.”
Cantor also helped procure Westrec Marinas as the buyer.
“Andrew Cantor, lead listing agent, launched a highly focused marketing campaign directly reaching out to only those buyers in our extensive database who were qualified to purchase the facility,” said Steven Ekovich, first vice president and national managing director of the Leisure Investment Properties Group. “Using a highly controlled marketing process, he generated six offers within 30 days of launch and continued to receive significant interest up until closing.”
For more information regarding the sale of Lazy Days Marina or to learn more about selling or acquiring marinas nationwide, please contact Andrew Cantor at 678-808-2812 or visit www.leisurepropertiesgroup.com.