REIT makes $7 million investment in private golf course
Boca Raton, FL – December 20, 2009 – For CDR-1, its private REIT platform, Cabot Investment Properties executed a master lease with a forward purchase agreement for an 18-hole championship golf course.
Boca Green Country Club was constructed in 1982 and designed by world-renowned golf architect Joe Lee1. In 2007, the premises was enhanced with approximately $7,000,000 worth of capital renovations by Kipp Schulties Golf Design. BGCC consists of an 18-hole championship golf course situated on 175 acres of land. From the furthest tees, the course is 7,014 yards and has a USGA slope of 1402. In addition to the golf course, the country club consists of a restaurant/banquet facility that seats up to three-hundred people, four tennis courts, one swimming pool, one fitness center and one pro shop.
Currently, Cabot Investment Properties is investing its most recent fund, Cabot Diversified REIT 1. CDR-1 is a private non-traded REIT which invests in a diverse portfolio of real estate assets, including office, industrial, retail, multi-family and recreational properties located in metropolitan areas of the United States.
1 Joe Lee has designed more than 200 courses during his 25 year career such as three Disney Courses, The Original PGA, Hamlet, Quail Ridge,Woodfield, Turtle Creek, Tequesta, Banyan, and Broken Sound Clubs.
2 USGA Slope Rating is a number ranging from 55 to 155 that represents the difficulty of a course. The higher the slope USGA administers, the more difficult the course. A slope rating of 113 is considered average.
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