CNL Income Properties, a real estate investment trust (REIT) focused on lifestyle properties, announced its acquisition of Bear Creek Golf Club located in the Dallas-Fort Worth area from Bear Creek DFW Associates Ltd., an entity affiliated with Hyatt Corporation and Hunt-Woodbine Realty Corporation. CNL Income Properties has leased the club's two 18-hole courses to an affiliate of Billy Casper Golf, LLC for operation under a 22-year triple-net lease.
"Our investment strategy is based on recognizing lifestyle trends driven by demographics," said Byron Carlock, president and c.e.o. of CNL Income Properties. "For example, as the Baby Boomer generation ages, we expect the group as a whole will devote more and more recreational time to the pursuit of lifestyle activities, such as golf. The real estate on which these activities occur has the potential for long-term revenue generation, which translates into increased value for our shareholders. Bear Creek is a prime example of this potential."
"As we continue to expand our golf portfolio, we concentrate on quality courses and, equally as important, quality operating partners," said Rudy Anderson, vice president of investments of CNL Income Corp., the advisor to CNL Income Properties. "Bear Creek is frequently ranked as a top golfing destination in Texas. The club, combined with the skilled management of Billy Casper Golf, makes this a solid addition to our portfolio."
CNL Income Properties' acquisition includes two 18-hole golf courses, a practice facility and a clubhouse with a pro shop, bar and grill. Bear Creek has consistently received accolades from Golf Digest, the Wall Street Journal and the Dallas Morning News for the layouts of its golf courses. The golf club is located adjacent to the Dallas/Fort Worth Airport, the third busiest airport in the United States as ranked by the U.S. Department of Transportation. CNL Income Properties expects the proximity to the airport will allow for sustainable and potentially growing levels of traffic and rounds of golf at Bear Creek. Corporate outings and usage agreements with the Hyatt and area hotels have aided course performance.
"Billy Casper Golf is excited about beginning a relationship with CNL as a solid financial partner in the lifestyle industry and working with the Dallas/Fort Worth Airport Board," said Denny Minami, president of Billy Casper Golf. "The acquisition enables us to provide an enhanced golf experience at Bear Creek, and we are pleased to help create long-term value for our partner CNL."
"Bear Creek Golf Club represents a well-known asset in the Dallas-Fort Worth market with 36 holes in close proximity to two major metropolitan areas," said Jeff Woolson, managing director of CB Richard Ellis' San Diego-based Golf & Resort Properties Group. CB Richard Ellis was the listing broker.