The park is fully occupied on a triple-net basis.
Bay West Equities purchased the property from Principal Capital Management, a Des Moines, IA-based firm, which sold the park as part of a portfolio realignment. CB Richard Ellis represented the seller in the transaction and Bay West Equities was represented in-house.
The property was sold for $21.5 million, a price that represents a 10.9% current cap rate. The purchase was funded with Bay West Equities' internally funded equity and a new first loan provided by General Electric Financial Assurance. The loan was made in the amount of $16 million and is a variable-rate product.
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