Philips International buys mobile home park in Hialeah

Philips International buys mobile home park in Hialeah

Wednesday, April 4, 2018

Holiday Acres Mobile Home Park (Credit: apartments.com)

A mobile home park in Hialeah just sold for $6.6 million to New York City-based Philips International, property records show.

The trade of the 6.5-acre Holiday Acres Mobile Home Park, at 1401 West 29th Street, comes on the heels of the sale of its neighboring 10-acre Sunny Gardens Mobile Home Park, which sold a month ago for $12 million to an unknown buyer.

Records show two affiliates of Philips bought the Holiday Acres Mobile Home Park. Holiday Acres MHP LLC bought a 45 percent interest in the property and Holiday Acres MHP II LLC bought the remaining 55 percent. The 282,000-square-foot, two-parcel deal breaks down to about $23 per square foot. Philips owns and operates mobile home communities in Miami, West Palm Beach and Riviera Beach, according to its website.

The seller, Holiday Acres Mobile Home Park Inc., is led by North Miami real estate attorney Richard Whitebrook. Previous sale information was not available online.

Hialeah has seen a surge of investment activity recently. Late last month, Miami investor Orestes Flores paid $6 million for Hialeah Executive Motel. Publix also bought the 64,260-square-foot Paraiso Plaza shopping center in Hialeah last month for $15.7 million.

Codina Partners is also planning Beacon Logistics Park, an industrial development with as much as 1.5 million square feet of space, in Hialeah.


Source: The Real Deal