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Sarasota-Manatee
Business Observer Friday, Aug. 21, 2015 6 years ago

Mobile home parks sell for nearly $28 million

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A Utah buyer has acquired the pair of Palmetto properties.

PALMETTO — Kingsley Management Corp., a Provo, Utah-based firm managed by C. Nate Nelson, has acquired a pair of Manatee County mobile home parks for $27.8 million.

Kingsley acquired the adjacent Palm Bay and Colonial Mobile Manor communities, at 751 10th St. E., U.S. 301 N. and 900 Ninth Ave. East, respectively, in Palmetto.

Palm Bay, which contains 244 manufactured home sites, was sold for $13.1 million, while Colonial Mobile's 235 sites traded for $14.7 million.

Colonial Mobile Manor had been owned by Colonial Mobile Manor Ltd. LLLP and Palm Bay was sold by Palm Bay Mobile Home Park Ltd. LLLP, according to state records. Both partnerships were controlled by William Tanenbaum of Boca Raton.

Kyle Baskin and Jonathon McClellan, vice presidents with commercial real estate brokerage firm Marcus & Millichap's Cleveland office, represented Kingsley Management in the July 17 transactions. Kirk Felici, a first vice president and district manager in the firm's Miami office, is Marcus & Millichap's broker of record in Florida.

“Given the current market conditions, and the demand for larger, age-restricted communities throughout the nation, we feel that both buyer and seller capitalized on this unique opportunity,” says Baskin of the pair of 55-plus communities.

In addition to its manufactured home sites, Palm Bay also contains more than 100 recreational vehicle hookup pads, a swimming pool and shuffleboard courts. Both Palm Bay and Colonial have clubhouses that date to the 1970s, records show.

Taken together, the two sales are among the largest mobile home transactions in Manatee County in recent history. The largest sale in the past several years occurred in early 2014, when Equity Lifestyle Properties paid nearly $36 million to purchase the 800-site Colony Cove community, in Ellenton.

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