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 Mount Pleasant Mobile Home Park, a 2,835,756-square-foot manufactured home community located in Saint Johnsbury, Vermont, according to Benjamin Yelm, regional manager of the firm’s Charlotte Uptown office. The asset sold for $2,300,000.
Glenn D. Esterson, an investment specialist in Marcus & Millichap’s Charlotte Uptown office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Dylan Hellberg and Glenn D. Esterson, investment specialists in Marcus & Millichap’s Charleston and Charlotte Uptown offices. Jeffrey R. Nick, Vermont broker of record, assisted in closing the transaction.
“This sale represents a strong sales price for a tertiary market in Vermont with rent control, as well as a challenging debt market. An extensive marketing approach was used to get this deal across the finish line. There were multiple competitive offers from local and national buyers,” said Esterson, vice president investments.
Mount Pleasant Mobile Home Park is located at 66 Avenue A in Saint Johnsbury, Vermont. Saint Johnsbury offers a balance between a small-town community and urban inspiration. The surrounding area is committed to creating an inclusive, equitable community for its residents with access to education, a focus on workforce development, and a diversifying economy.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
