CNL Lifestyle Properties Sells Resort Retail Portfolio in U.S., Canada for $103 Million

by Katie Sloan

Orlando, Fla. — In a move to further liquidate the company, CNL Lifestyle Properties Inc., a REIT specializing in the acquisition of resort properties, has sold a seven-property portfolio of international trophy retail assets located within luxury resorts for $103 million.

A private real estate consortium between The Imperium Cos., MMG Equity Partners and Blue River Family Office Partners was the buyer. 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. The properties include:

  • Whistler Creekside Village in Whistler, British Columbia
  • The Village at Mammoth in Mammoth Lakes, Calif.
  • Village at Snowshoe in Snowshoe, W.Va.
  • Village at Cooper in Frisco, Colo.
  • Stratton Mountain Village in South Londonderry, Vt.
  • Blue Mountain Village in Blue Mountains, Ontario and
  • The Village of Baytowne Wharf in Miramar Beach, Fla.

Lori Schneider of Marcus & Millichap’s Institutional Property Advisors (IPA) division arranged the sale. Schneider, along with the Marcus & Millichap’s brokers of record for each state in the portfolio, exclusively represented the seller and procured the buyer.

“These stabilized yet dynamic assets are unique in location, diversification and tenancy,” says Schneider. “The portfolio is very well suited to the buyers’ investment strategy.”

Marcus & Millichap’s brokers of record in the transaction were Kent Williams in California, Richard Bird in Colorado, Jeffrey Nick in Vermont, Ralph Nash in West Virginia, Rene Palsenbarg in British Columbia, Canada, Mark Paterson in Ontario, Canada and Kirk Felici in Florida.

CNL Lifestyle Properties announced earlier this week an $830 million sale agreement with EPR Properties, a Kansas City-based specialty REIT that invests in entertainment, recreation and education assets. Included in the acquisition were the final 36 ski resorts and other assets in CNL Lifestyle’s portfolio. The transaction is expected to close in the second quarter of 2017.

Orlando-based CNL Lifestyle Properties, a subsidiary of CNL Financial Group, owns a portfolio of 43 properties in the United States and Canada in the lifestyle sectors as of June 30. Headquartered in Orlando, CNL Lifestyle’s portfolio includes ski and mountain lifestyle resorts, attractions, marinas and additional lifestyle properties.

CNL Financial Group is a private investment management firm based in Orlando. Since its inception in 1973, CNL Financial and its affiliates have formed or purchased companies with more than $34 billion in assets.

Founded in 2008, Medford, Ore.-based Imperium Cos. is a real estate holding company providing property management, real estate, online retailing and web services.

MMG Equity Partners is a privately owned real estate investment company focused on long-term ownership, management, development and acquisitions of shopping centers in Florida.

Blue River Partners LLC, headquartered in Dallas, provides a variety of outsourced solutions to hedge funds, private equity firms and other clients. Blue River currently supports over 230 clients managing over $160 billion in assets.

Kristin Hiller

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