GROTON, CT – OCTOBER 4TH, 2024 – Lila Delman Compass is pleased to announce the sale of Palmer’s Cove Marina at 1023 Groton Long Point in Connecticut for $1,700,000. Gregory Arakelian, Commercial Director, represented the seller and facilitated for the buyer in this transaction.
The property presented a rare opportunity to acquire a marina with multiple income streams in Groton Long Point, a desirable seaside enclave surrounded by the Atlantic Ocean, conveniently 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 renowned 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,” commented 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.”
Gregory 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.
ABOUT LILA DELMAN COMPASS:
In 2021, Rhode Island’s first name in luxury real estate, Lila Delman, proudly joined Compass, the Nation’s #1 real estate brokerage.**Today, Lila’s Legacy lives on with great strength, backed by the power of Compass. With the re-branding of Randall Realtors to Compass in November 2023, Compass now owns and operates 11 offices across the state, including Lila Delman Compass and Compass.
Lila Delman Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. *Sale rankings and closing price information is based on information from CoStar for the period of March 27, 2020 – March 27, 2024. Luxury ranking based on sales volume of real estate transactions closed over $1M. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. **As of 2023, closed sales volume. Source: RealTrends 3/9/23.