VANCOUVER, BC-Locally based resort developer Intrawest Corp. has closed on the first two of a three-stage transaction with CNL Income Properties Inc. of Orlando, FL. CNL is acquiring an 80% interest in the for-lease retail and commercial space owned by Intrawest at its 10 resorts. In the first two tranches, the second of which closed late last week, CNL acquired interest in about 450,000-sf of retail and commercial property at seven resorts in the US and Canada for a combined total of about $111 million.CNL Income Properties is the latest in a series of REITs that CNL Financial Group has launched over the last several years. Launched earlier this year, the public, non-traded REIT focuses on leisure, lifestyle and recreations-related retail space and has raised about $75 million. The Intrawest commercial property portfolio is the REIT’s first acquisition. CNL chief financial officer Charlie Muller tells the acquired space from Intrawest is comprised of about 200 leaseable units in 57 buildings, which Intrawest will continue to manage and lease on a fee basis. Some of the space is in freestanding buildings and some is at the street level of residential buildings. The completed transactions between CNL and Intrawest have involved property at the following resorts: Whistler Creekside at Whistler Blackcomb in British Columbia, the Village at Blue Mountain in Ontario, the Village of Baytowne Wharf at Sandestin Golf and Beach Resort in Florida, the Village at Mammoth Mountain in California; the Village at Copper Mountain in Colorado, the Village at Snowshoe Mountain in West Virginia, and the Village at Stratton in Vermont. The third tranche, the terms of which are still being negotiated, will include the retail and commercial space at two of Intrawest’s newest developments: MonteLago Village at Lake Las Vegas Resort in Nevada and the Village at Squaw Valley in California. No closing date has been determined for the final tranche.

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