LUTZ, FLA., September 29, 2015 – 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 Grove Mobile Home Park, a 34-unit manufactured home community in Lutz, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $915,000.
Dan Mulkey, vice president investments, and Daniel Hurd, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Daniel Hurd and Dan Mulkey.
Grove Mobile Home Park is a well occupied, 34-unit community nestled back in a quiet residential area of northern Hillsborough County. The community, which was built in 1966, sits on 7.76 acres and has a mix of single and double wide homes. There are several major thoroughfares, including Interstate 4, Interstate 275 and the Veterans Expressway, located within a few miles of the park making travel throughout the Tampa Bay area very convenient.
“Our strategic marketing campaign allowed us to generate multiple offers on the property throughout the listing period, which ultimately resulted in a sale to a local group of investors,” says Hurd. “The buyers see significant opportunity to add value by filling and renting the vacant lot, while raising rental rates to market.”
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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