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Marcus and Millichap Vancouver Part of $103M North American Resort Retail Portfolio Transaction
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(Posted on Nov 8, 2016 at 03:16PM by Michelle Bogle)
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 trophy retail assets located within luxury resorts across the U.S. and Canada.The portfolio was sold by CNL Lifestyle Properties for $103 million.
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It consists of 423,482 square feet of ground-floor retail, in the mixed-use villages of six ski resorts, including Whistler Creekside Village in British Columbia, and one golf and beach resort.
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The transaction was arranged by Marcus & Millichap.
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“It offered absolute diversification geographically by tenant and use,†says Lori Schneider, Marcus & Millichap executive director of its Institutional Property Advisors division. “It’s rare to assemble this amount of resort retail in one transaction.â€
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The properties included in the portfolio are located in:Â
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• Whistler Creekside Village, British Columbia
• The Village at Mammoth, CaliforniaÂ
• Village at Snowshoe, West Virginia
• Village at Copper, Colorado
• Stratton Mountain Village, Vermont
• Blue Mountain Village, Ontario
• The Village of Baytowne Wharf, FloridaÂ
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According to Lori Schneider, the portfolio is very well suited to the buyers’ investment strategy and no renovations are planned on any of the properties, as they are all impeccable.
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“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,†said Marcel Navarro with MMG Equity Partners in a press release. “The team did a great job of executing on this complex and unique opportunity.â€Â
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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, Mark Paterson in Ontario, Kirk Felici in Florida and our very own Rene Palsenbarg, Managing Broker from our Vancouver office.
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For more information and insights into this high-profile retail portfolio transaction, please contact Marcus & Millichap Vancouver to speak with Rene Palsenbarg.
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