Kingsley Management Corp., a Utah-based firm, has purchased the Palm Bay and Colonial Mobile Manor mobile home parks in Manatee County for $27.8 million. Palm Bay, which contains 244 manufactured home sites, was sold for $13.1 million, while Colonial Mobile’s 235 sites traded for $14.7 million. The two sites are located at 751 10th St. E., U.S. 301 N. (Palm Bay) and 900 Ninth Ave. East, (Colonial Mobile Manor)in Palmetto. Kyle Baskin and Jonathon McClellan, vice presidents with commercial real estate brokerage firm Marcus & Millichap’s Cleveland office, represented Kingsley Management in the transaction.
“Given the current market conditions, and the demand for larger, age-restricted communities throughout the nation, we feel that both buyer and seller capitalized on this unique opportunity,” says Baskin of the two 55-plus communities.
