Bluefin Bay Family of Resorts

7192 MN-61 Tofte, MN 55615

FOR SALE
Property Type:
Resort
FOR SALE
Amount:
Please Call Broker for Price

Last Verified:
Mar 19, 2019

Highlights

  • Trophy asset on the North Shore of Lake Superior
  • Located in a Qualified Opportunity Zone
  • 16.64% cap rate year round operation
  • Total of 235 bedrooms and 634 pillows
  • Lodging options include Bluefin Bay, Surfside, and Temperance Landing (three different sites that are located within a few miles of one another)
  • The Property has been in continuous operation since 1984; 18 townhouses (54 rentable units) were added in 1996, Temperance Landing was built in 2006, and Surfside was built between 2008 and 2015
  • Dining options include the award-winning Bluefin Grille (Bluefin Bay), award-winning Coho Café and Bakery (Bluefin Bay), and the Waves of Superior Café (Surfside)
  • The Waves of Superior Spa offers a full menu of massage and spa services
  • Amenities include outdoor and indoor pools and hot tubs, saunas, fitness centers, a variety of recreational equipment for guests, a children's play area, ice rink, tennis courts, BBQ grills, yoga, and much more
  • The Property includes high-quality employee housing (capacity of 92 employees)
  • The Property has a robust event schedule with year-round events
  • Area amenities include the Lutsen Mountains ski and snowboard area, Superior National at Lutsen Golf Course, Superior Hiking Trail, Gitchi Gami State Recreational Trail, the BWCA Wilderness Canoe Area, shopping, dining, and numerous state parks
  • The Property is located less than 10 miles from Lutsen Mountains, which is the largest ski area in the Midwest
  • Tofte is located roughly 4 hours northeast of Minneapolis-Saint Paul, and one and a half hours from Duluth (by car)

Description

SVN | Northco is pleased to present for sale the Bluefin Bay Family of Resorts in Tofte, MN ("Property"). The Property is a trophy asset on the North Shore of Lake Superior that has been in continuous operation since 1984. The Property features three distinct types of condominiums: Bluefin Bay, Surfside, and Temperance Landing. The Property also includes numerous dining options (Bluefin Grille, the Coho Café, and the Waves of Superior Café), wedding and event venues, and a spa.

The Property is located in Tofte, MN, which is popular recreational area on the North Shore of Lake Superior ("North Shore"). The North Shore is a vibrant, year-round vacation destination that stretches nearly 200 miles from the port city of Duluth to Thunder Bay, Ontario.

The Property is located less than ten miles from Lutsen Mountains, which is the largest ski area in the Midwest and features numerous year-round recreational activities. In addition to the numerous activities at Lutsen Mountains, The North Shore features eight State Parks: Gooseberry Falls State Park, Split Rock Lighthouse State Park, Tettegouche State Park, George Crosby Manitou State Park, Temperance River State Park, Cascade River State Park, Judge Magney State Park, and Grand Portage State Park. The Property is also in close proximity to the Superior Hiking Trail, Gitchi Gami State Recreational Trail, and the BWCA Wilderness Canoe Area.

The Property is located less than 83 miles northeast of Duluth on Highway 61. The Property is also located roughly 4 hours from the Twin Cities of Minneapolis and Saint Paul by route of Interstate 35E/35W/35, making it an easy drive for a night or weekend stay.

For those who are interested in flying to the resort from the Twin Cities or Chicago, the nearest commercial airport is located in Duluth, which is served by Delta Connection (Minneapolis-Saint Paul), United Airlines (Chicago-O'Hare), and United Express (Chicago-O'Hare). After landing in Duluth, it is a quick two hour drive up Highway 61 to Tofte. Grand Marais, which is located roughly 30 miles east down Highway 61 from the Property, has a small airport that accommodates private aircraft.

Building Size: 100000.0sq ft
Building Class: A
Lot Size: 0.0 acres

Map of 7192 MN-61, Tofte, MN, 55615

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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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