TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Palomino Mobile Home Park and Open Sky Mobile Home Park, both located in Tucson, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the assets sold for $1.3 million and $1.1 million, respectively, and an aggregate of $2.4 million.
“After owning these parks for 20 years, the seller accepted our buyer’s offer to sell his final two parks in his portfolio,” said Michael Escobedo, an investment specialist in Marcus & Millichap’s Phoenix office. The seller plans to move out of the country with the proceeds to enjoy retirement.
“The buyer, a limited liability company, has a major Tucson-based operation so his management team will oversee the new park,” explained Escobedo, who procured the buyer in this transaction. The buyer recently purchased the neighboring park where he is rebuilding from the ground up and plans to do the same with these two newly acquired parks. “He plans to remove all the old homes, bring in all new inventory and spruce up the existing amenities. The rents will remain competitive and new affordable housing will be created,” Escobedo added.
Palomino MHP is located at 3535 East Alvord Road and Open Sky MHP is located at 3626 East Drexel Road in Tucson, Arizona. Palomino MHP, built in 1962, has 61 spaces (sold at $21,311 per pad) and was 51% occupied at the time of sale. Open Sky MHP, built in 1972, has 43 spaces (sold at $25,581 per pad) and was 75% occupied at the time of sale.
Fore more information, contact Escobedo at 602.687.6680.
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