CNL Income Properties Inc., a real estate investment trust (REIT) focused on lifestyle properties, announced today its acquisition of Palmetto Hall Plantation Club in Hilton Head, S.C. for approximately $7.6 million.
CNL Income Properties has entered into a long-term, triple net lease with Heritage Golf Group, the owner and operator of a portfolio of private, resort and high-end daily fee golf facilities around the country, to operate the club.
“We are excited to be announcing our first expansion into golf with this well-established club,” says Rudy Anderson, CNL Income Corp. vice president of investments. “The acquisition is a good fit with our continued overall growth strategy to invest in golf properties in popular destinations operated by significant golf course industry leaders. Heritage Golf Group is a proven leader in delivering high-quality golf experiences and we are proud to be partnering with them on this transaction.”
The property includes two 18-hole championship golf courses designed by Arthur Hills and Robert Cupp. The club also includes a full-service clubhouse, a pro shop, two tennis courts and a swimming pool.
“This is a great opportunity for our company,” says John Hungerford, executive vice president of operations at Heritage Golf Group. “Palmetto Hall is a premier property and an excellent addition to the Heritage Collection of Clubs on Hilton Head Island. Heritage is always looking to add quality facilities that have a reputation for excellent golf course design, and these two courses certainly meet that criterion. We are also looking forward to our new partnership with CNL on this project.”
