Arakelian of Lila Delman Compass brokers $1.7m sale of Palmer’s Cove Marina

Groton, CT Lila Delman Compass has completed the sale of Palmer’s Cove Marina at 1023 Groton Long Point for $1.7 million. Gregory Arakelian, commercial director, represented the seller and facilitated for the buyer in this transaction.

The property presented a opportunity to acquire a marina with multiple income streams in Groton Long Point, a seaside enclave surrounded by the Atlantic Ocean, located between Boston and New York, and minutes to historic downtown Mystic, Stonington Borough, and Rhode Island beaches. The marina is located in the protected water of Palmer Cove with direct access to Fishers Island Sound with blue water travel to vacation destinations and fishing sites. Onsite amenities include 75 wet slips, dry storage, mechanical service, and two residential cottages.

Arakelian is a resource for marinas in Southeastern New England, and Palmer’s Cove is his fifth marina sale in the region. “New England marinas continue to be a sought after asset,” said Arakelian, “And when combined with the potential to develop waterfront property using the business as both an amenity and a demand driver, the attractiveness is intensified and the pool of potential investors is widened to include more traditional investors and developers.”

Arakelian specializes in retail, hospitality, and luxury residential sales, and is a recent recipient of CoStar’s Impact Award for Sale of the Year in Rhode Island.