Sale of the leasehold interest in the premier remaining large urban waterfront parcel on the West Coast. The leasehold comprised 43.38 acres of under-utilized waterfront land for development, 32.31 acres of surface water area, and the right to operate the iconic Queen Mary Oceanliner.
Project Description
Engaged as exclusive listing agent and consultant to market and sell the leasehold interest in bankruptcy.
Scope of Work
Conducted an international marketing campaign; set up an exhaustive online due diligence website to allow potential bidders to do extensive up front due diligence; sourced a non-contingent “stalking horse” bidder at $40M; sourced a non-contingent over bidder who bid $43M at a live bankruptcy courtroom auction and ultimately closed escrow.
Project Resolution
Leasehold in bankruptcy sold for $43M; the transaction was awarded the CCIM 2007 “Most Innovative Deal of the Year” award and the CRASD 2007 “Out of Market Transaction of the Year” award.
Project Name
Queens Seaport Development
Client
Douglas P. Wilson
Location
Los Angeles, CA
