The Pellucid Perspective - May 2022 - 12

COMINGS
& GOINGS
Old Bridge GC
[fmrly Glenwood
Country Club]
New York NY
Priv/18
2020 Acquisitions developer going to overhaul the
course, converts fm private to muni (Old Bridge
Township funding), adding mini-golf; NJ local
Stephen Kay designs, pledges " first class design "
for $8M investment; three rate tier residents/
state/out-of-state (Harding Park SF model, not
uniformly successful); 2020 Acquisitions promises
township revshare for 1st 5 yrs whether makes
profit of not (interesting...)
Cobblestone
Park Golf Club
Brunswick Plantation
& Golf
Links
Cape Fear Country
Club
Transacted/
Under Contract/
For Sale
The Sagamore
Club
Woodmont Golf
& Country Club
Saddlebrook
Golf & Tennis
Resort
Columbia SC
Pub/27
Wilmington NC Pub/27
No details on listing, home to USC golf team, real
estate development course; will be interesting to
see the interest & speed on this one...
Bought by Heritage Golf from Atlantic Golf
Mngmnt for $12M for two properties (this and
Cape Fear GC MYB market]), will remain semiprivate
and builds on Heritage footprint in MYB
Wilmington market
Wilmington NC Priv/18
Indianapolis IN Priv/18
Atlanta GA
Pub/18
Bought by Heritage Golf from Atlantic Golf
Mngmnt for $12M for two properties (this and
Brunswick Plantation NC but MYB market),
converting from semi-private to full Private
Acquired by Concert Golf, their 24th private club
in portfolio
Previously transacted in '13 for $1.3M, no
purchase price disclosed this round. LIPG
handled sale w/previous known buyer
(undisclosed), buyer took a 1031 exchange (like
sale/re-invest in restricted time window)
Tampa-St.Petersburg
(Sarasota)
FL
Pub/36
Sold by owners since '88 (opened in '81), the
Dempsey family, to Mast Capital, terms not
disclosed but a large, multi-activity resort (Harry
Hopman tennis academy, 2, 18 hole golf courses).
Will put some money back in immediately to make
overdue renovations, also has property that could
be developed for either residential or commercial
Troy Burne Golf
Club
Minneapolis-St.
Paul MN
Pub/18
Chris Charnas brokered deal, (listed for $7.5M;
sale price not disclosed), quickly, to caviar
entrepreneur Bill Holst who adds this to his
current golf portfolio of Red Wing (MN), Gopher
Hills (MN), Lake City GC (MN) and Clifton
Highlands GC (WI)
The Players Club Omaha NE
Legacy Golf
Club
Redevelopment
Status Change/
Other
Cherokee Golf
Course
On-the-bubble
Louisville KY
Pub/9
Potential redevelopment into " diverse and active
parkland " , course has history as part of Olmstead
Cherokee Park development traced back to 1895,
not making money as part of 10 course city
portfolio so likely cut candidate in strategic review.
Maintaining as park however would cost $1.3M
annual so course losing $500K/yr vs. $1.3M pure
expense for park?
Phoenix
(Prescott) AZ
Priv/27
Pub/18
Acquired by Concert Golf, their 25th private club
in portfolio
Sold for $16M by Concert Golf Partners to Molson
Properties after 7-yr recapitalization program
(bought in '14 for reported $5.2M)
12 The Pellucid PersPecTive
May 2022
The Pellucid Perspective - May 2022

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