California investor buys Carlyn Estates Mobile Home Park

BUYER: Glucklich LLC (principal: Tonia Sonju), Sunset Beach, Calif.
SELLER: Elio and Sue Covelli and Big Lake Estates LLC
PROPERTY: 5611 Bayshore Road, Palmetto
PRICE: $5.28 million
PREVIOUS PRICE: $3.9 million, September 2005
LAW FIRM ON DEED: David H. Rosenberg PL, Sarasota

PLANS, DESCRIPTION: California investor Tonia Sonju purchased the Carlyn Estates Mobile Home Park in Palmetto for $5.28 million.

The price equated to $47,568 per space.

The park included 111 mobile home spaces, a clubhouse and a manager's home. It was 95% occupied at the time of the sale. The park is age restricted to individuals over 55 years old.

The buyer funded a portion of the purchase price through a 1031 tax-deferred exchange from the sale of California property.

Peter Bartys of Sperry Van Ness Commercial Advisory Group represented the sellers, Elio and Sue Covelli, and Big Lake Estates LLC, and Mike Marcu of Insite Investment Realty of Newport Beach represented the buyer.

“It wasn't actively marketed,” Bartys says. “I represented the sellers when they bought the property. They bought a number of parks in 2005. I was approached by the buyer that they were looking for a 1031 [tax deferred] investment and contacted the sellers. It's in a good location, which makes it very popular.”

The purchase entity, Glucklich LLC, mortgaged the property to MC-Five Mile Commercial Mortgage Finance LLC for $3.7 million.