Mammoth Lakes Retail Center Sells for Record $28.5M
The Village at Mammoth Mountain in Mammoth Lakes, a prime ski location for residents throughout California, sold for $28.5 million on Aug. 27, according to a source familiar with the deal. According to CoStar Group, the purchase is the highest for a commercial property sold in the area.
The buyer of the 57,925-square-foot ground-floor retail property is an undisclosed private investor and avid skier.
The transaction was handled by Bill Pedersen, a senior associate, and El Warner, national director and executive vice president of Matthews Real Estate Investment Services, according to a release.
Built in 1999, The Village at Mammoth, attracts more than 2.8 million visitors annually.
“As we enter into what is expected to be one of the best ski seasons in recent history,” Warner said in a statement, “we are pleased to have helped identify a buyer who appreciates the opportunity to own an insulated, highly trafficked retail center in an iconic location.”