A Chattanooga man has sold adjacent travel and mobile home parks he's held for more than 40 years for $7.25 million.
Businessman Jack McDonald said he sold both the Holiday Trav-L-Park and the Green Acres mobile home park on Mack Smith Road, just across the state line in Georgia.
The buyer was Diversified Holdings, a privately held Virginia Beach, Va., operator in the industry, he said. A spokesman for that company declined comment.
But McDonald said he understands that Diversified plans to keep both sites.
"They're planning on keeping everything like it is," he said.
His brother, John McDonald, who served as the agent for the seller, said they considered other companies as well.
"It's a family business," he said about Diversified. "They know the business."
Jack McDonald said he became an investor in the properties in 1970.
Now 77 years old, McDonald said it was time to sell.
"We got an attractive price," he said. "They're the type of people who will run it like we've done."
According to Trav-L-Park's website, the site is open year-round and has 170 campsites. It has recreational vehicle sites up to 70 feet for big rigs, the website said, also noting that it's located just a half mile off Interstate 75.
According to the park, it's located on a Civil War battlefield that served as a skirmish site in 1863 preceding the Battle of Chickamauga.
At Green Acres, McDonald last year decided to refurbish and sell used mobile homes onsite. At that time, the mobile home park had 247 lots.