Bob Mauragas, then-president of National
Golf Management, which later changed its
name to Strand Golf Management.
7. Pelican Pointe Golf and
Buyer: Lex Pelican LP
Seller: Cabot Golf CL-PP
Price: $16.8 million
Pelican Pointe Golf and Country Club sold
for $16.85 million in February. Lex Pelican
LP, a company created by New York City
investment fund manager E. Robert
Roskind, acquired the course.
Cabot Golf CL-PP, a Dover, Del.-based
company, sold the property, which it had
purchased for $13 million in April 2007.
The 1,000-acre property in Venice, Fla.,
includes 1,355 homes, a 22,000-square-
foot clubhouse and a 27-hole semi-private
course designed by Ted McAnlis. The original 18 holes, the Meadows and Preserve
nines, opened in 1995. Hatchet Creek was
added in 2002. Sam Rodgers originally
developed the property in 1993.
Roskind is chairman of Crescent Hotels
and Resorts and Lexington Realty Trust.
He formed Lepercq Capital Corp. in 1973,
the predecessor to the LCP Group and current Lexington Realty Trust. Lexington
Realty Trust is a multibillion-dollar investor with a variety of industrial, office and
retail properties nationwide.
8. Waterway Hills Golf Club
Buyer: LStar Management
Price: $16 million
June marked the final days of Waterway
Hills Golf Club in Myrtle Beach, S.C. When
LStar Management, owner of the Grande
Dunes development, bought the property
back in March, its future was uncertain.
At the time, Steve Vining, LStar manag-
ing partner and general counsel told Myrtle
Beach Online that “no redevelopment is
imminent” and the new owners “have no
plans for development at this time.”
“When LStar Communities purchased
the North Myrtle Beach course this past
March, it intended to operate the course
for at least another year,” George Johnson,
division vice-president of LStar’s coastal
region, said in a statement. “However,
when Myrtle Beach National sold the
majority of their golf course assets, they
notified LStar that they would no longer be
available to manage golf course operations
at Waterway Hills.”
9. The Bridges Golf Club and Eagle
Ridge Golf Club
Buyer: Private buyer purchased
The Bridges; Wedgewood
Banquets purchased Eagle Ridge
Seller: Shapell Income Properties
Broker: Ken Arimitsu, PM Realty
Price: $12.2 million total: $8.4 million
for The Bridges, $3.8 million for Eagle
PM Realty Group represented Shapell
Income Properties in the portfolio sale
of The Bridges Golf Club in San Ramon,
Calif., and Eagle Ridge Golf Course in
Gilroy, Calif. When Shapell Industries sold
its interest in its home building business to
Toll Brothers in early 2014, it retained the
golf courses, which were held under a different division of Shapell.
Although the properties were profitable,
High Pointe Golf Club
Buyer: MI Local Hops
Seller: The Hayden Family
Broker: Jerry Snowden, Snowden Cos.
High Pointe Golf Club, renowned golf
architect Tom Doak’s first 18-hole design,
has converted its rounds from golf to beer.
The Hayden family in Traverse City,
Mich., sold the property to MI Local Hops
in March. The property is being repurposed into a commercial hops farm.
the decision was made to sell because golf
was not a core asset. Initially the company
tried to sell both courses as a portfolio.
However, it sold them separately to get a
better price. Both properties were sold as
a multiple of net operating income, said
Arimitsu, who brokered the deal.
“The seller was reasonable to sell based
on what makes sense on an economic
level,” Arimitsu said. “[This deal] was the
true sense of what responsible golf course
buying and selling represents.”
10. Southeast portfolio
Broker: Steven Ekovich,
Price: $11.5 million
Steven Ekovich, first vice president and
director of Leisure Investment Properties
Group’s national golf division, and
Investment Advisor Terry Vanek brokered
the portfolio sale of three southeast golf
clubs for a total of $11.5 million.
Of the three properties, two are in
Atlanta and one is in South Carolina.
The three properites sold individually for
$5.8 million, $3.6 million and $2.2 million.
All three properties have master-planned
The portfolio went up for sale in early
October and attracted 15 potential buyers
within a month.
“There were some good groups that
were very attractive and some not so good
groups that were removed from consideration because they didn’t bring that ‘wow’
factor or the homebuilding factor to market to potential homebuyers,” Vanek said.
A total of 11 offers were made, but ultimately the seller settled on two groups. The
group that acquired the South Carolina
property did not give the highest bid but
promised to invest $1 million in the asset
“Ultimately, the homebuilder said price
was not the most important factor to them;
what was important to them was a long-term strategy for maximizing the value of
the community,” Vanek said.
“My first born turns to alcohol. It’s a
pun… my son is fine,” Doak blogged on
Golf Club Atlas. “Drinks are on me!”
Doak’s 1989 design officially closed
up shop in 2008 amid the recession.
“Our intent with MI Local Hops is
to create a business that supports the
economy and the creation of jobs and
opportunity in Michigan,” MI Local
Investments principal Keith Stelter told
The (Traverse City) Ticker.
Repurposing Deal of the Year