When the owners of Lake Erie Cranberry Creek Marina began planning their retirement, the idea of selling their 25-year-old business was front and center. They were referred to KIKO Realtors, Auctioneers and Advisors, whose 5th generation company sells real estate, active businesses and inventory assets.

Brooks Ames, a Realtor/Auctioneer with KIKO for over 20 years, worked with the sellers for a year, expertly navigating their goals and timeline.

“The sellers’ goal was to retire, move forward with their life, and get a good, realistic price for the property,” Ames explained. “We offered advice on the different selling options, and they chose the auction method.”

KIKO specializes in absolute auction, which creates a competitive bidding environment where the property is sold to the highest bidder.

Real Estate, Successful Business

Cranberry Creek Marina is located in Lake Erie Central Basin and features approximately 2.4 acres of lakefront with a white sand beach. The marina boasts a 4,500 sq. ft. building with showroom and sales area; a workshop with two overhead doors; offices; and storage. It has 55 boat slips and 34 jet ski docks, all rented at the time of sale.

The sellers also owned 4.4 acres across from the marina, with a 48×104 heated building used for indoor/outdoor boat storage.

Multi-Par Auction Process

The two properties made the Multi Par Auction Process a great option for the sellers.

“We offered bidders the marina and the adjacent 4+ acres separately, then offered them together, to get the maximum value for the property,” Ames continued. “Ultimately, the property sold in its entirety for $1,358,500. The owners received an offer prior to auction of $800,000, but we worked with the sellers and interested buyers to make the right decision in selling at auction.”

KIKO drew a large crowd for the auction with an aggressive advertising campaign, professional drone videography, and live onsite plus online bidding.

“The sellers were extremely happy with the results,” said Ames.