BASALT, CO-Mariner Real Estate Management has purchased the stalled Willits Town Center, multi-use community development here in the Roaring Fork Valley near Aspen and Snowmass. Whole Foods Market will be the anchor tenant for the center.
Don Trossman, managing director of Cohen Financial in the Chicago office, advised Mariner Real Estate Management in the acquisition and recapitalization of the project. Mariner Real Estate Partners, LLC and Mariner Real Estate Partners III LLC provided the $20 million equity investment for the initial phase of the acquisition.
During the initial phase of development, more than 75,000 square feet of retail space will be constructed. The development project has the potential to construct another 200,000 square-feet of buildings in the town center, which may include a hotel, retail, residential and office space, according to a prepared statement.
“Cohen Financial assisted MREM in evaluating the Willits Town Center’s immediate cash needs, and long-term development potential,” Trossman says. “Cohen will continue to advise them in future financings needs across the various stages of its development.”
“Through our extensive research into the Willits development and the surrounding communi
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
