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One of the most prominent buildings and the dominant retail centre in Banff has been purchased by Calgary commercial real estate partners Michael Evans and Bernie Slogotski of Atlas Development.

The Cascade Shops combines retail, office and multi-family rental in the heart of the Rocky Mountain resort town; a highly visible structure on the corner of Banff Avenue and Wolf Street.

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Built by Banff resident Sam Schultz 28 years ago, for the past 13 years it was owned by Investors Group and was put on the market by Jason Cottle of RBC Capital Markets Real Estate Group.

Named by National Geographic as one of the Top 21 travel destinations in the world, Banff attracts more than 4.1 million visitors annually. The year-round volume plus the fact that there are restrictions on new development within the town were reasons for Atlas to find the sale attractive. It now owns the 125,000-square-foot retail and office property, which also includes a 240-stall, six-level, secure, heated parking structure and more retail along Marten Street below 32 fully leased residential rental suites.