WESTERLY – A 50-slip marina recently sold for $2.7 million, marking the highest commercial property sale in Washington County in more than a year, according to Lila Delman Compass, which brokered the deal.
The same property at 93 Watch Hill Road sold for just $1.05 million less than six years ago.
“I am happy to see the seller receive a strong return on investment and the buyer secure an appreciating asset,” said Gregory Arakelian, commercial director and marina specialist for Lila Delman Compass who represented the seller and facilitated for the buyer. (Arakelian previously facilitated the sale of Wayfinder Newport Hotel in Newport in January 2019 for $14.34 million, which was the highest commercial sale ever in the state.)
Overlooking the Pawcatuck River, opposite from the Connecticut line, the marina comes with two small, wood-shingle retail buildings, according to Lila Delman Compass. One of the buildings is 1,200 square feet and was built in 1955, while the other is 1,730 square feet and was also constructed in 1955, according to the town’s online property tax evaluation database.
The Watch Hill Road location is on a main corridor for the seaside village of Watch Hill, and it is part of a commercial zone, the real estate firm said.
The property, which includes 0.6 acres of land and 10,000 square feet of paved asphalt, was most recently appraised by town assessors in 2021 at $881,300, according to the property tax evaluation database.
The property was sold by Lockwood Cove Edge Marina LLC, which owned the property since 2017, according to the database.
The marina property was purchased by TS-Grove PT Marinas WH LLC, a Delaware limited liability company, according to the warranty deed, a public record of the sale.
Marc Larocque is a PBN contributing writer.
