Saunders Property Co., a Newport Beach-based real estate investment firm, has acquired Huntington Shorecliffs, a mobile home park in Huntington Beach.
Terms of the transaction were not disclosed. Based on similar mobile home sales in the area, the property likely sold for at least $50 million.
Huntington Shorecliffs runs about 37 acres and is about half a mile from the ocean on Beach Boulevard. The property counts 304 manufactured homes marketed to owners who are older than 55.
Roland Chavez, Brandon Johnson, and Bret Rosol from Irvine-based land brokerage O’Donnell/Atkins had listed the property for the sellers, a family owned group which had run the property for over 35 years.
Saunders Property, led by President John Saunders, plans to keep running the property as a mobile home park, according to officials with O’Donnell/Atkins.
Saunders, who also runs Newport Beach’s Core Realty Holdings LLC, owns close to 4 million square feet of commercial real estate, primarily in Orange County. He also runs one of the country’s largest coin dealers, London Coin Galleries.
Huntington Shorecliffs is the second big Orange County mobile home park to trade hands in the past week.
Capistrano Shores, a big stretch of beach cottages on the northern tip of San Clemente, sold in late January for an estimated $100 million.
The site, near El Camino Real and Pico Avenue, runs along the coast for about three-quarters of a mile. Capistrano Shores counts 90 homes, all facing the ocean. O’Donnell/Atkins also worked on that sale.
