The park is fully occupied on a triple-net basis.
Bay West Equities purchased the property from Principal Capital Management, a Des Moines, IA-based firm, which sold the park as part of a portfolio realignment. CB Richard Ellis represented the seller in the transaction and Bay West Equities was represented in-house.
The property was sold for $21.5 million, a price that represents a 10.9% current cap rate. The purchase was funded with Bay West Equities' internally funded equity and a new first loan provided by General Electric Financial Assurance. The loan was made in the amount of $16 million and is a variable-rate product.
Bay West Equities plans to build a portfolio focusing on investment opportunities in Northern California, Southern California and Hawaii. The company's acquisition goal is $50 million to 75 million per year.
To help accomplish this goal, Bay West has added a new managing member to be responsible for acquisitions. Patrick Sammons has joined the firm, bringing more than 20 years of investment real estate brokerage experience to the company's pool of talent. Sammons has worked for major real estate firms, including Marcus & Millichap and Grubb & Ellis, where he represented and advised institutional investors on asset dispositions and acquisitions.
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