Mobile Home Park Details

Purchase Method: Cash
Listing ID: 508655
Posted On: Feb 13, 2015
Updated On: Aug 11, 2015

Description

- Opportunity to acquire a stable all-age community with public utilities conveniently located at the intersection of Interstate Highways 55 and 20.
- Offering includes 43 inventory homes, 39 of which are currently being rented to residents. The price of the inventory homes is included in the asking price for the community.
- Opportunity to continue to bring homes to fill the remaining vacant sites either through a lease-to-own or sales program.
- The property has been legally operating for years as a non-conforming property, under city zoning regulations. The City of Pearl is now trying to enforce new regulations on Grove Acres and other similar properties. As a result, the property is currently the subject of litigation brought by the property owner against the City of Pearl. The litigation concerns whether, and to what extent, current zoning and other municipal regulations that would restrict operations can be now be applied to these pre-existing non-conforming uses. Please contact the Broker with additional questions.

Location

- Grove Acres is conveniently located less than 15 minutes from downtown Jackson, the state capital and the largest city in Mississippi.
- Since 2005, Jackson has experienced $700 million in development and $160 million of development is currently underway.
- Major development projects include the $53 million, 205 room Westin Hotel, and the $70 million Mississippi Civil Rights Museum and Museum of Mississippi History.
- The community sits less than five minutes from Trustmark Park, home to the Mississippi Braves minor league baseball team.
- The Outlets of Mississippi opened in 2013 and is less than 2 miles from the property. At 325,000 square feet the Outlets of Mississippi features a robust merchant roster including Saks Fifth Avenue OFF 5TH, COACH Factory, Michael Kors, Gap Factory Store, Banana Republic Factory Store, J.Crew, White House/Black Market, Chico' s Outlet, Nike Factory Store and Under Armour, among many more.
- Several major employers reside in Jackson: the University of Mississippi, employing 8,000; AT&T, employing 1,300; Jackson State University, employing 1,667; and the Baptist Health System, employing 2,875.

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