Two local mobile home parks have been bought by a private investor who plans to rebuild the community with new units and updated amenities.
Palomino Mobile Home Park and Open Sky Mobile Home Park sold for $1,300,000 and $1,100,000, respectively.
“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, which handled the sale.
The seller plans to retire outside of the country.
The buyer “plans to remove all the old homes, bring in all new inventory and spruce up the existing amenities,” Escobedo said.
Palomino, built in 1962, is located at 3535 E. Alvord Road and has 61 spaces. It was 51% occupied at the time of the sale.
Built in 1972, Open Sky at 3626 E. Drexel Road, has 43 spaces and was 75% occupied at the time of sale.
Other recent commercial transactions include:
- G&M Holding LLC bought a 2,478-square-foot office building at 223 and 239 N. Church Ave. from Teramark LLC for $560,000. Ryan McGregor, with Picor, represented the seller and Leah Bogen, with Volk Co., represented the buyer.
- Canary Enterprises AZ LLC bought 6,205 square feet of office space at 998 S. Cherry Ave. from DJP Properties Inc. for $535,000. Ron Zimmerman, with Picor, represented the buyer and Timothy J. Bathen, with Arizona Acquisition Strategies, represented the seller.
- L2 Investments LLC sold two parcels of vacant land in the Park Avenue Industrial Center, 900 E. MacArthur Circle. MacArthur Investments LLC bought 2.92 acres for $225,000 and McSpillers Holdings LLC bought 2.15 acres for $200,000. Jason Wong with Crestline Properties LC, represented the seller. Brandon Rodgers and Ron Zimmerman, with Picor, represented the buyers.
- Freedom Forever Arizona LLC leased 15,022 square feet of industrial space at 3850 E. 44th St. from 44th Street Logistics Center LLC. Robert C. Glaser, with Picor, represented the landlord and Jesse Blum and Alexandra Demeroutis, with CBRE, represented the tenant.
- Banner-University Medical Group leased 8,000 square feet in Rita Ranch Plaza, on the southwest corner of Rita and Houghton roads. The landlord, KMC III LLC, was represented y Andrew Sternberg and Gordon Wagner of NAI Horizon. The tenant was represented by Vicki Robinson, of Jones Lang LaSalle.
- Class Pays LLC leased 5,000 square feet at 2775 E. Ganley Road from Campbell Technologies LLC. Gary Emerson, of GRE Partners LLC, represented the tenant and Dean Cotlow, of Cotlow Co., represented the landlord.
