The Pellucid Perspective - October 2020 - 19

Event

Transacted/
For Sale

Course

DMA

Type/Holes

Summary

Rock Creek GC

Mobile ALPensacola (Ft.
Walton Beach)
FL

Pub/18

New owner is GolfCoPartners (Scheinder brothers, boutique golf ownership group out of FL) and
plans to upgrade the course and clubhouse (so
presumptive continuing operations); price is List
Price, not disclosed if sold for that or not...

Lake
Washington DC
Presidential GC (Hagerstown
MD)

Pub/18

Billed as "Member for a Day" experience, listing
says available for a fraction of approximately $20M
initial investment (ouch!) as well as "opportunity to
transition operating model from real estate selling
tool to "for profit" golf course"... (joining the ranks
of ~5K of others preceding & following it)

Lakewood CC

Boise ID

Pub/18

City of Meridian buys out investor's lease, takes control
of the asset & equipment, invests 5-figures short-term
and then tries to "leg out" making the course profitable
in the current structure/remaining terms of lease

South Gleason
Park GC

Chicago IL

Pub/18

Sold to Chicago-based equity firm, golf course +
Gilroy Field for $9M sum, total parcel purchased
for $1.34/sq. ft; need to do some flood plain remediation, no comment on continuing ops as golf
course or not

Picacho Hills
CC

El Paso TX (Las
Cruces NM)

Priv/18

Spirit Golf Management SW buys after getting
liquor license approval, looks like first purchase,
manages 2 other courses in NM/West TX wanting
to build a bigger, geo-centric portfolio

Eaglemont GC

Seattle-Tacoma
WA

Pub/18

Listed at $6.5M, closing notice on the course website
indicated that COVID was "the final impact" (and
something about the financial situation in Thailand?).
A new twist on the non-sequitur "What's that got to
do with the price of tea in China?"

Clearview CC

Boston MA
(Manchester
NH)

Pub/9

City tried to buy for $3.1M in '18 (for a 9-hole
course, wow!), Eastland Partners the buyer wants
to redevelop to 60 single-family houses. Good
deal for developer, City dodged a bullet not making that investment!

Minnesota
National GC
(For Sale)

MinneapolisSt. Paul MN

Pub/27

Original owner couple wants out, "I'm good at improving but operations are not my strength" (he likely
has company there among current owner/operators
but few would admit or put it so succinctly & elegantly), has nearly $30M invested in property (includes
lake, lots etc., not just golf course/clubhouse)

Stillwater Oaks
GC (For Sale)

MinneapolisSt. Paul MN

Pub/18

Two offers from developers but kids want to
keep it operating as a golf course; unfortunately
Trustee has final call but seems to be dragging his
feet trying to find a non-developer buyer but time
is running out if there are viable offers

Scotch Hall
Preserve (For
Sale)

GreenvilleNew BernWashington NC

Pub/18

Arnold Palmer course in residential/waterfront
community, 264 lots developed/underway, only
900 left to go... Boat slips on NC's Albemarle
Sound; wanna' buy some oceanfront property?
$21M "sunk" to date if that makes the new buyer
feel better

Brierwood CC

Buffalo NY

Priv/18

Converting from Private to Public for '21 season,
membership model wasn't covering 7-figure annual losses, members resigning so they're just
going to make the Public conversion and try that
(grass greener on the other side?)

Redevelopment

Status Change

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The Pellucid Perspective - October 2020

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