Snowmass Village, CO: Article by Jill Beathard in Aspen Times.com.
The pending sale of the Snowmass Center closed March 31 for a price of $16 million.
Housing the town’s only grocery store and post office, two restaurants and some other shops and offices, the Snowmass Center is the primary functional commercial node in Snowmass Village. Owned by an affiliate of Related Cos., which also owns Base Village and much of the commercial space on the Snowmass Village Mall, it has been purchased by an affiliate of Eastwood Developments LLC, which locally owns and manages a majority of the real estate at Aspen Highlands’ base.
Negotiations have been ongoing for several months. Tenants received notification that the building was under contract in November.
Jordan Sarick, principal of Eastwood Developments, said Monday that after months of due diligence, he’s pleased the company can finally “get its arms around” the actual operations of the building.
“Only now can we really dive into it,” he said.
Sarick and Eastwood have had success with bringing other developments to life, such as at Highlands, where the base area struggled for some time but now has 100 percent occupancy of its commercial spaces. The company will set to work on finding tenants for the Snowmass Center’s current empty spaces. As of now, Sarick said he doesn’t know whether Eastwood will seek to redevelop the 37-year-old building.
Related Colorado will continue to keep its offices in the center, albeit as a tenant and not an affiliate of the building’s owner, said Craig Monzio, vice president of development. Releasing the Snowmass Center is in keeping with the company’s renewed focus on Base Village, he said.
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