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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