Sanctuary on the Lake on the block

Highlandville-based Sanctuary Development Group LLC has hired national firm Marcus & Millichap Real Estate Investment Services to market Sanctuary on the Lake, a $225 million, 267-acre mixed-use resort development south of Hollister on State Highway 265.

A specific listing by Marcus & Millichap has four parcels, or about 60 acres, available for $15 million. The development, which launched on the shores of Table Rock Lake in 2005, is divided into 14 parcels, according to Michael Hyams, chief operations officer of Sanctuary Development Group.

The Encino, Calif.-based commercial real estate brokerage, with 68 offices nationwide and 1,300 brokers, has appointed two listing agents: Bruce Bartleson in the Sacramento, Calif., office and Brian Weaver in the Elmwood Park, N.J., office. Bartleson, a senior land specialist for the company, said his firm was chosen for its large database of developers, including those with hospitality interests.

“They deal with developers in Las Vegas, Calif., and the Florida area – large-scale builders and developers … that local real estate agents aren’t able to reach,” Hyams said of the listing agents. “They’ll deal with clients to buy those individual parcels.”

The four parcels represent a cross section of the entire development – condominiums, single-family homes, townhouses, timeshares and “fractionals,” which are condos that can be bought for whole ownership and then put back into the rental pool.

In addition to the 60-acre listing, Marcus & Millichap is marketing the project to potential investors. Robert Maddox, managing partner of Sanctuary Development, said he would be surprised, however, if the entire development is sold.

“It’s a tough market out there. I look at it as a bottom-fishing market right now,” Maddox said. “And we’re not going to be discounting anything drastically.”

Until a sale occurs, Sanctuary Development will continue to develop the property, which includes 2.5 miles of Table Rock Lake shoreline. Maddox said a $1 million gated entry and waterfall is finished and a total of $8 million has been invested in infrastructure. All the roads have been rough-cut and Phase I of the property’s roads will be paved in February, he said. About 30 acres of the project known as Parcel 6 is not for sale, as it is already under Phase I construction for fractionals.

Maddox, also the managing partner of Argonaut Midwest Holdings LLC, a division of The Argonaut Group LLC of Key West, Fla., said that company’s development of the 35-acre The Cliffs at Indian Point near Silver Dollar City is moving forward.

“We’re getting ready to build an 80-unit fractional project (there),” Maddox said.

Another Argonaut Midwest property known as Sanctuary on the Greens, which covered nearly 1,000 acres, was sold in July, Maddox said.

Nick Blasi and Gordon Garrett of Frontline Development LLC in Kansas City bought the property, which is across Highway 265, just west of Sanctuary on the Lake. Blasi, who bought an additional 300 acres adjacent to the Greens has renamed the development Table Rock Canyon LLC. Blasi said his company was redesigning the use for the property and would announce its redesign in February.[[In-content Ad]]