Transactions - OCTOBER 6, 2014

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CNL Properties sells golf portfolio for $307m

by Andrea Waitrovich

Earlier this year, CNL Lifestyle Properties announced plans to sell 48 properties in the company’s portfolio of golf assets. According to media outlets, the REIT has completed the sale of 46 properties for $306.5 million. The buyer is Arcis Equity Partners.

The asking price for the total portfolio was $320 million. The sale of the remaining two properties is expected to finalize by the end of the year.

The golf courses are located in Arizona, California, Colorado, Florida, Illinois, Kansas, Maryland, Missouri, Minnesota, Nevada, Ohio, Oklahoma, South Carolina, Texas and Virginia.

The golf courses sold include San Antonio’s Canyon Springs Golf Club; Ancala Country Club in Scottsdale, Ariz.; the Las Vegas Golf Club, Meadowlark Golf Club in Huntington Beach, Calif.; South Carolina’s Palmetto Hall Plantation Club; Plantation Golf Club in Frisco, Texas; and Valencia Country Club in Santa Clarita, Calif. 

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