Marcus & Millichap Inc.
Marcus & Millichap Inc.
13/08/2024 | Press release | Distributed by Public on 14/08/2024 01:37
Marcus & Millichap Arranges Sale of 4-Park Mobile Home Park Portfolio in South Carolina
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Marcus & Millichap Arranges Sale of 4-Park Mobile Home Park Portfolio in South Carolina
August 13, 2024
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SPARTANBURG, S.C., August 13, 2024 - 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 a four-park, 100-space mobile home portfolio located in Spartanburg, South Carolina MSA.
"Despite challenges in the debt market, a heavy ratio of older park owned homes, smaller individual park sizes and three different cities included in the deal, we were able to bring the seller a top-of-market offer that closed at the contract price" said Dylan Hellberg, senior associate with the Esterson MHC Team. "It's so important to have the best strategy and broker team for your deal, especially in an environment with many hurdles involved in getting to closing."
Hellberg and Glenn Esterson, investment specialists in Marcus & Millichap's Charlotte Uptown office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Ben Yelm, Broker of Record in South Carolina, assisted in closing the transaction.
The portfolio includes Gateview MHP 1 & 2 located at 108 Gateview Circle, Oasis MHP at 26 Oasis Park Lane, Chelsea MHP at 150 Chelsea Street and Spring Valley MHP at 101 Jamies Creek.
In total, the properties contain 98 mobile home lots and two single-family homes. All the parks are serviced by public water and three are serviced by public sewer.
"Despite challenges in the debt market, a heavy ratio of older park owned homes, smaller individual park sizes and three different cities included in the deal, we were able to bring the seller a top-of-market offer that closed at the contract price" said Dylan Hellberg, senior associate with the Esterson MHC Team. "It's so important to have the best strategy and broker team for your deal, especially in an environment with many hurdles involved in getting to closing."
Hellberg and Glenn Esterson, investment specialists in Marcus & Millichap's Charlotte Uptown office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Ben Yelm, Broker of Record in South Carolina, assisted in closing the transaction.
The portfolio includes Gateview MHP 1 & 2 located at 108 Gateview Circle, Oasis MHP at 26 Oasis Park Lane, Chelsea MHP at 150 Chelsea Street and Spring Valley MHP at 101 Jamies Creek.
In total, the properties contain 98 mobile home lots and two single-family homes. All the parks are serviced by public water and three are serviced by public sewer.
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.