New Orleans-based Sizeler Property Investors Inc. acquired the complex in 1994. Sidney W. Lassen, Sizeler's chairman and CEO, says the sale is in keeping with a strategic initiative to change its future real estate allocations both geographically and by type of asset while also realizing "appreciated asset values in today's market and the reduction of outstanding debt."
Sizeler says the book value of the Lakeview Club complex was approximately $23.3 million on the date of the sale. The seller realized proceeds, net of closing costs and fees, of about $2.7 million, reducing its bank credit line borrowings and long-term mortgage debt by approximately $40.5 million.
Lassen also says his company's long-term goal is to have a minimum of 65% of its assets "in higher growth markets, such as Florida," and its focus will be on "building and acquiring larger properties in these markets."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
