PLANT CITY, Fla., July 14, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Rainbow Rock Mobile Home Park, a manufactured homes community located in Plant City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,280,000.
James Vestal, an associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Wisconsin-based seller, a limited liability company. Vestal also procured the buyer of the property, a private investor from Washington.
Rainbow Rock MHP was built in 1954 and is located at 1150 Fletcher Lane in Plant City, Florida. The property is situated on approximately 10.1 acres of land and is comprised of 20 one-bedroom/one-bathroom apartments, 21 RV spaces and 46 mobile homes.
“The sale of Rainbow Rock is a great indicator that investments in secondary and tertiary markets are in very high demand in Tampa Bay,” said James Vestal. “Due to the extensive Marcus & Millichap network and unbeatable platform, we were able to find the right buyer which culminated in the successful closing of this transaction”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com