Leesburg Group LLC kicked in $500,000 more than the ask to win Rock Shadows at 600 S. Idaho Rd. because land costs had increased significantly in the area, according to his broker, Russ Warner with Grubb & Ellis Co./BRE Commercial LLC in Phoenix.
Dedicated to only senior citizens, the 37-acre, 683-space park's occupancy falls in the high 80% range. "They'd sold the mobile home park for more than $18 million and needed an exchange in the Phoenix area," Warner tells GlobeSt.com.
Warner says the buyer decided on the seniors' mobile park for the exchange because it's a local asset and it will be easier to manage than a traditional mobile home park. He also owns three other RV parks within an hour's drive of Rock Shadows. "A mobile home park is more management intensive and involves more paper," Warner says. "That's the reason investors tend to like the senior RV parks more."
The seller, Rock Shadows Partners LLC of San Diego exchanged proceeds from the RV park sale into a medical building in its homeport. "Neither the buyer or seller wanted the management headaches," Warner says. "They wanted to manage the properties from where they lived." John Grant with Park Brokerage Inc. in San Diego represented the seller.
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