Gregory Arakelian is commercial director and sales associate at Lila Delman Real Estate where he specializes in residential and commercial sales and acquisition. Some of his most notable commercial clients include Ocean House Report and Five Star Hotel, Gilbane Development Co., NBX Bikes and Procaccianti Companies. Most recently, he has set records for the highest price per-square-foot sale in Narragansett and South Kingstown.
Arakelian responded recently to questions posed by the Providence Business News.
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PBN: What new trends are you seeing emerge in the commercial real estate market?
ARAKELIAN: Because of the limitations caused by the pandemic, most commercial interior spaces are being reimagined and are actually becoming more efficient and tailored to the needs of both the modern professional and customer. Drive-throughs, which have never been as prevalent here in New England as compared to other U.S. regions, are becoming a sought-after asset. In the past, restaurants tended to be set up for either sit-down or take-out, not both, and now, sit-down restaurants have adjusted to accommodate take-out volume. Besides restaurants, lots of other businesses are exploring the drive-through as a tool to adapt and evolve.
PBN: According to data maintained by the Rhode Island Statewide MLS your sale, of 18 East Pointe Ct. in South Kingstown for almost $1.23M, marks the town’s highest condo sale ever. Is this transaction part of a larger trend?
ARAKELIAN: As the former sales director for The Pointe Beach Houses, holding the record for not only the town’s highest sale, but the second and third highest sale were not luck. The success I brought to the development reached beyond sales, I consulted on design, interior and exterior finishes and lighting. I was also responsible for the beautiful marketing imagery, and I designed the development’s emblem. When selling a development, every single detail matters and requires a knowledge of current design trends, modern materials, and a discerning eye.
PBN: How do you see the future of Rhode Island’s coastal development?
ARAKELIAN: Rhode Island’s distinctive and varietal coastline is what draws buyers from all over the world, and I’m currently brokering a marina portfolio that has received a surprising amount of attention, considering it hasn’t even been marketed. The demand for our coastline will always grow, and if more waterfront developments are possible, the preservation of the ecosystems and the environment is the always the first priority. The more successful developments in beautiful settings display less density and more nature.
PBN: Can you provide more information on this marina portfolio? And, who is interested?
ARAKELIAN: Considering most information regarding active businesses can be confidential, I can [say] that the four-marina portfolio consists of locations from Watch Hill to Mystic, Conn. All locations were handpicked by the owner and brought to a premium level of operation and profit. Marinas in good locations have enjoyed an increase in value during 2020 due to one, the pandemic, which made outdoor water activities not only more coveted, but one of the few things people could do, and two, the recent acquisition of Safe Harbor Marinas by Sun Communities for $2.1 billion.
Now, investors from other arenas are looking to the marina space as an opportunity to acquire irreplaceable premier assets. The ability to start off with four marinas in prime locations is attractive and allows the buyer built-in geographic and customer diversity. Prior to marketing, we’ve been approached by a regional and national group, both with little marina experience, and I’m happy to discuss this opportunity further once a nondisclosure agreement is signed.
PBN: In 2019, Lila Delman had a record-breaking year by closing over $560 million in sales. Do you think 2020 sales will be comparable?
ARAKELIAN: Last year, 2019, was highlighted by our two historic sales: Lori Joyal’s 10 Bluff Avenue in Watch Hill for $17.6 million and my Newport Mainstay Hotel sale for $14.3 million. [This year’s] sales will be comparable because of the feeding frenzy for coastal and country properties, more so than other years, brought on by the pandemic. My firm, Lila Delman Real Estate, has been recognized for many years as the preeminent broker for luxury residential real estate in Rhode Island, and it is exciting to be a part of its effort to advance our commercial brand to a similar level.
Alexa Gagosz is a PBN staff writer. Contact her at Gagosz@PBN.com. You may also follow her on Twitter at @AlexaGagosz.
