Two Wisconsin courses sell, the Woods and Silver Spring

Two Wisconsin courses recently closed for a combined $3.5 million, according to Chris Charnas with Links Capital Advisors, who brokered the deals.

A local dentist bought The Woods Golf Club, a 128-acre, 18-hole course in Green Bay. The course had been built in 1968 and renovated in 2001. A new buyer had acquired it with plans to add residential units, but the housing market tanked before the owner could move lots. The course then fell into bankruptcy and was taken over the bank. Charnas sold the course on behalf of the receiver.

The Woods Golf Club includes a 21,000 square foot clubhouse, sports pub & grill and a banquet facility for 400 guests.

Charnas also helped sell the Silver Spring Golf and Banquet Center, located in Menomonee Falls. That facility includes two 18-hole courses and was the last course in the Capmark Bank portfolio. Charnas also helped sell three other Capmark courses over the past two years — Northville Hills in Michigan, Mequon Country Club in Wisconsin and Bull Valley in Illinois.

Silver Spring’s sale had been delayed by title issues. It was also acquired by a local buyer, David Nankin. The 278-acre property has been named one of Milwaukee’s top destinations for golf outings and banquets, and can host up to 1,000 guests. Originally developed as an 18-hole golf course, in added 18 holes in 1995. Silver Spring is one of only two 36-hole facilities in the Milwaukee area and features a 39,769 square foot clubhouse.

“Each of these properties holds great revenue potential for its respective buyer,” Charnas said. “We had our best year ever in 2012 and 2013 looks like it will be even better for the golf course sales market. We are still seeing a number of distressed assets coming to market for sale and we believe this trend will continue for the next 12-18 months. There are more buyers out there but there is still very little debt to help get these deals done.”

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Good job, Chris!

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