The Morning Journal (Lorain, OH)
TRAILER PARK SELLS
The land and the park sold for $23 million
Land and a mobile home park on the west side of Ohio Route 57 has sold for $23 million, according to records from the Lorain County Auditor’s Office.
The parcel at 1800 Lorain Blvd. in Elyria, transferred as part of an agreement dating from August, according to Auditor’s records.
The land was owned by Leona Heights Ltd./Midway Realty Co. and Sommer Realty Co.
The buyer was OH Pikewood Manor LLC of Freehold, N.J., and UMH Properties Inc., according to the Auditor’s records.
The address listed also is the business address of Sommer’s Mobile Leasing Inc., a
“Hopefully, there’s some signs of things to come.”
— Lorain County Auditor Craig Snodgrass
family-owned company that started in 1946 and specializes in mobile and modular buildings for business, government and education.
A representative at Sommer’s Mobile Leasing Inc. said the property transfer was internal and the company had no further comment.
The deal included the Pikewood Manor manufactured home community on about 125 acres, according to property transfer records from the Auditor’s Office.
The land sits north of the land with the roadways that make up the residential mobile home park between Elyria’s 52nd Street and the Ohio Turnpike, according to Auditor’s records.
The Auditor’s records did not include an explanation of the sale or potential new uses for the land.
The purchase agreement stated the fair market value of the land was $15 million; buildings and improvements were valued at $6.4 million; homes on the land were valued at $1.4 million; and furniture, fixtures, vehicles and computer equipment were valued at $200,000.
For the Auditor’s Office, the property transfer was valued at $21.4 million and the county collected a conveyance fee of $85,600.
The sale price is high but not unheard of for the area, said Lorain County Auditor Craig Snodgrass.
The location is a great one, sitting between the Route 57 interchanges with Interstate 90 and state Route 2, and the Ohio Turnpike, Snodgrass said.
The city of Elyria and
The city of Elyria and the Ohio Department of Transportation have spent millions of dollars reconfiguring the Route 57 interchange with Route 2.
the Ohio Department of Transportation have spent millions of dollars reconfiguring the Route 57 interchange with Route 2, he said.
“It has become more accessible,” Snodgrass said. “Hopefully, there’s some signs of things to come.”
Sunrise Hospitality Inc. this year opened the Courtyard by Marriott Cleveland hotel at 1755 Travelers Lane.
Hotel operators tend to be knowledgeable about market conditions before building, Snodgrass said.
In January 2017, New Plan of Midway Inc. sold part of the Midway Market Square shopping center for $20.5 million.
The buyer was Midway Market Square Elyria LLC and the section of the shopping center included the Dick’s Sporting Goods and Giant Eagle stores, according to Auditor’s records.
That price was lower than the $23.74 million sale price of the same center in 2002, according to Auditor’s records.
However, it could be possible that property values around that part of Elyria were depressed or pushed down due to market conditions there, Snodgrass said.