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Valencia Country Club part of sale agreement

Posted: July 1, 2014 4:34 p.m.
Updated: July 1, 2014 4:34 p.m.
 

The Valencia Country Club in Santa Clarita is part of a collection of 48 properties that have entered into a sale agreement between the seller, CNL Lifestyle Properties Inc. and the buyer, CF Arcis X LLC.


The purchase price for the portfolio of golf properties is $320 million, according to an SEC filing.


The buyer has paid a nonrefundable $10 million in earnest money as deposit on the properties.


In 2009, CNL Lifestyle Properties reassigned the lease on the Valencia Country Club when the Heritage Golf Group reportedly was no longer “willing to make lease payments.”


CNL had purchased the golf club, along with another, Weston Hills Golf Group in Florida, from the Heritage group in 2006.


After the sale is completed, CNL expects to net $208 million after retiring $89.9 million in debt. The company expects to use the proceeds to invest in new properties.


Neither of the parties will comment pending the closing of the sale.


The Valencia Country Club was built in 1965.

 

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