MARINA, CA—A joint venture of Skya Ventures Inc. and Gelt Inc. recently sold Marina Dunes RV Resort located at 3330 Dunes Dr. in Monterey County. The 96-site property on 5.58-acres was sold for $28.5 million to an undisclosed publicly traded REIT.
"This was an off-market transaction as our intent was not to sell this asset early, however, we received a strong offer that will now allow us to seek an up-leg for our 1031 exchange and create new opportunities for our investors and our joint venture," says Keith Wasserman, partner with Gelt.
The joint venture acquired the property for $18 million in 2018.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
