Challenge

Built in 1999, the 57,925 square-foot property is an experience-oriented retail location with a curated lineup of shops and restaurants attracting over 2.8 million visitors annually. The Village at Mammoth includes ground-floor retail space that is located at the base of the popular California ski resort, Mammoth Mountain. Take into consideration the sizable scope of the asset, the Matthews™ team needed to market the property to the correct buyer.

Strategy

Mammoth Mountain is home to one of the longest ski seasons in North America, making The Village at Mammoth one of the most visited destination centers on the West Coast. The strategy was to attract multiple buyers via the Matthews™ proprietary database who saw the value in this type of asset and were willing to pay a premium to own a property with such a captive consumer audience that will always hold value.

Results

The Matthews™ team was successful in attracting multiple buyers, and identifying a single buyer who appreciated the opportunity to own an insulated, highly trafficked retail center in an iconic location. The buyer, an undisclosed private investor, was an avid skier with an affinity for Mammoth and was in the process of a 1031 Exchange. The $28.3 million sale ended up being the highest sale price ever recorded for a commercial property in Mammoth Lakes.