Press Releases
Marcus & Millichap Arranges the Sale of a 41-Site Mobile Home and RV Park
September 12, 2023
EL CAJON, Cali., September 12, 2023 – 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 Shady Lane Mobile Home & RV Park, a 41-site manufactured homes community resting on 1.65-acres in El Cajon, California. The asset sold for $4,400,000.
“Shady Lane Mobile Home & RV Park was a Watkins family generational asset,” said Dustin Wilmer, vice president investments in Marcus & Millichap’s San Diego Del Mar office. “The property had not traded hands since 1981 and this was the first time it has ever been advertised for sale. Our detailed marketing process and industry relationships helped us procure 10 offers within the first 72 hours of releasing the property to market. The new owner was in a 1031 exchange from his two mobile home & RV Parks that we recently closed in Yuma, Arizona and is an El Cajon local. Shady Lane was a perfect fit for this buyer, and he was able to pay the price and terms acceptable to seller while closing in seven days.” Wilmer had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also procured by Wilmer.
“The property has historically low vacancy and is in arguably one of the best markets in the entire nation. The seller has been personally operating the property since inheriting it from her father in the late 1990’s and we were thrilled to assist in accomplishing her goals to ensure an enjoyable retirement,” said Wilmer. The property is 100% occupied, all with long-term tenants. Shady Lane Mobile Home & RV Park is located at 244 Shady Lane in El Cajon, California.
“Shady Lane Mobile Home & RV Park was a Watkins family generational asset,” said Dustin Wilmer, vice president investments in Marcus & Millichap’s San Diego Del Mar office. “The property had not traded hands since 1981 and this was the first time it has ever been advertised for sale. Our detailed marketing process and industry relationships helped us procure 10 offers within the first 72 hours of releasing the property to market. The new owner was in a 1031 exchange from his two mobile home & RV Parks that we recently closed in Yuma, Arizona and is an El Cajon local. Shady Lane was a perfect fit for this buyer, and he was able to pay the price and terms acceptable to seller while closing in seven days.” Wilmer had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also procured by Wilmer.
“The property has historically low vacancy and is in arguably one of the best markets in the entire nation. The seller has been personally operating the property since inheriting it from her father in the late 1990’s and we were thrilled to assist in accomplishing her goals to ensure an enjoyable retirement,” said Wilmer. The property is 100% occupied, all with long-term tenants. Shady Lane Mobile Home & RV Park is located at 244 Shady Lane in El Cajon, California.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
