Lila Delman Compass announced the sale of 93 Watch Hill Road in Westerly, a 50-slip marina including two free-standing retail buildings with idyllic views of the cove. Commercial Director Gregory Arakelian brokered the deal, representing the seller and facilitating for the buyer. The property traded for $2,700,000, the highest commercial transaction in Washington County since January of last year, according to data maintained by the Rhode Island Statewide MLS.
“This property is located in a key passageway to Watch Hill and offers abundant retail and blue water travel opportunities,” said Gregory. “I am happy to see the seller receive a strong return on investment and the buyer secure an appreciating asset.”
Arakelian is a highly regarded marina and hospitality specialist and a multi-faced broker known for his negotiation skills, design insight, and expertise in the commercial and residential real estate markets. He is also no stranger to notable deals, having facilitated the sale of Wayfinder Newport Hotel for $14.34 million, the highest commercial sale ever in the state per the Rhode Island Statewide MLS.
Last year, Lila Delman Compass continued its legacy of leading Rhode Island’s luxury real estate market for the 14th consecutive year, having closed more sales volume of $1,000,000+ properties than any other firm in the state [^1]. While Compass overall was named the top brokerage in the country by sales volume in Real Trends earlier this month.
[^1] #1 Luxury ranking based on sales volume of real estate transactions over $1M closed between 1.1.09 – 12.31.22 in the Rhode Island State-Wide Multiple Listing Service on an individual, yearly basis. Statistics include Lila Delman Compass, Compass, and Randall Realtors Compass, as well as transactions made before Lila Delman joined Compass in 2021.
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