$103M Resort Retail Portfolio Changes Hands
- Nov 07, 2016
By Keith Loria, Contributing Editor
Fort Lauderdale, Fla.—A private real estate consortium between The Imperium Cos., MMG Equity Partners and Blue River Family Office Partners has acquired a seven-property portfolio of international trophy retail assets located within luxury resorts, from CNL Lifestyle Properties, for $103 million.
The portfolio consists of 423,482 square feet of ground-floor retail, in the mixed-use villages of six ski resorts and one golf and beach resort, in the United States and Canada.
Marcus & Millichap arranged the transaction.
“It offered absolute diversification geographically by tenant and use,” Lori Schneider, Marcus & Millichap executive director of its Institutional Property Advisors division, told Commercial Property Executive. “It’s rare to assemble this amount of resort retail in one transaction.”
The properties included in the portfolio are located in Whistler Creekside Village; British Columbia, Canada; The Village at Mammoth, Calif.; Village at Snowshoe, W.Va.; Village at Copper, Colo.; Stratton Mountain Village, Vt.; Blue Mountain Village, Ontario, Canada; and The Village of Baytowne Wharf, Fla.
“We are pleased to have acquired this portfolio of high-quality resort villages, the first of several acquisitions of destination real estate amongst the partnership,” Marcel Navarro, MMG Equity Partners partner, said in a prepared release. “The team did a great job of executing on this complex and unique opportunity.”
According to Schneider, the portfolio is very well suited to the buyers’ investment strategy, and no renovations are planned on any of the properties, as all are impeccable.
Marcus & Millichap’s brokers of record in the transaction are Kent Williams in California, Richard Bird in Colorado, Jeffrey Nick in Vermont, Ralph Nash in West Virginia, Rene Palsenbarg in British Colombia, Canada, Mark Paterson in Ontario, Canada and Kirk Felici in Florida.