Illinois' Lakeshore Management buys two mobile home parks

BUYER: Palm & Pine MHC LLC (Lakeshore Capital Manager LLC), Skokie, Ill.

SELLER: Ray Finn
PROPERTY: 255 N. Tamiami Trail, Nokomis
PRICE: $2.34 million
PREVIOUS PRICE: $355,000, September 1975

PROPERTY: a portion of Estil Drive, Nokomis
PRICE: $2.01 million
PREVIOUS PRICE: $8,000, February 1982

BUYER: Happy Haven MHC LLC (Lakeshore Capital Manager LLC), Skokie, Ill.
SELLER: Happy Haven MHP LLC
PROPERTY: 124 Happy Haven Drive, Osprey
PRICE: $1.95 million
PREVIOUS PRICE: $3.25 million, November 2007
LAW FIRM ON DEED: McGuireWoods LLP, Atlanta

PLANS, DESCRIPTION:
Skokie, Ill.-based Lakeshore Management Inc. purchased two Sarasota County mobile home parks and a vacant parcel for a combined $6.3 million.

The price equated to $37,527 per mobile-home lot.

The buyer, which owns a number of other mobile homes nationwide, purchased the 100-lot Palm & Pines Mobile Home Park for $2.34 million, a vacant 9,000-square-foot residential tract for $2.01 million and the 68-lot Happy Haven Mobile Home Park for $1.95 million.

Happy Haven Mobile Home Park sits on a 6.67-acre parcel and its buildings were built between 1956 and 1960. Palm & Pines occupies a 7.08-acre site and features three park-owned buildings constructed in 1924, 1966 and 1980.

Lakeshore Management had not returned calls for comment prior to deadline.

The two purchase entities, Palm & Pine MHC LLC and Happy Haven MHC LLC, mortgaged the property to General Electric Capital Corp. for $6.21 million.