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Northstar Guests, Homeowners Winners In CNL Deal
By Craig Altschul
February 18, 2008
The apparent winners in CNL's acquisition of 80,000 square feet of retail property at the Northstar Commercial Village near Lake Tahoe are resort guests and homeowners. CNL Income Properties is a R.E.I.T focused on lifestyle properties that has made a major splash into the mountain resort pool over the past few years, including ownership of Northstar.
"It's an exciting milestone because it means CNL as owner, and Booth Creek as a superb management partner, now control the future of one of the most vibrant, diverse, and fun villages you'll find anywhere in the North American mountain resort scene," CNL's Steve Rice told the IR.
"Since CNL also owns the mountain, with our partner Booth Creek responsible for day-to-day operations, our interests are aligned, with Northstar guests and homeowners set to benefit for many years to come."
The transaction includes 25,600 recently built square feet on the ground floor of two neighboring buildings, almost fully committed with condos, shops, and restaurants. The Ritz Carlton is in process of developing a hotel on the site.
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