Hilda Allen Real Estate recently brokered the sale of Windermere Country Club in Windermere, Fla. for $3 million to Canadian businessman Bryan DeCunha for $3 million. Textron Financial Corp. was the seller. This was Allen’s sixth sales this year. The Georgia-based broker and auctioneer typically sells 12 courses per year.
Other courses currently for sale include Bull Valley Golf Club, located northwest of Chicago, in the affluent community of Woodstock, Illinois. It is being brokered by Links Capital Advisors, Inc. with an asking price of $3.75 million.
It is regarded as one of the top private clubs in the Chicago area and is situated on 166 acres. Bull Valley features an 18-hole 7,325 yard Championship golf course with a slope of 151. The 37,000 square foot clubhouse is fully equipped with men’s and women’s locker rooms, dining rooms, pro shop, men’s lounge, and a banquet room that can host up to 250 guests. Bull Valley hosted the 2010 Chicago District Golf Association Amateur Championship and was a host site for the 2010 US Open Qualifier.
The Capmark Mid-Atlantic Portfolio is for sale consisting of three properties —Hartefeld National in Avondale, Chester Count, Penn., Broad Run in West Chester, Chester County Penn., and Mountain Branch in Joppa, Harford County Md.
The National Golf and Resort Properties Group of Marcus & Millichap is offering all three for $14.3 million. They can also be purchases separately. All three courses are currently bank owned and have positive or break-even EBITDAs on 2010 numbers.
The previous owner ran into financial problems with its other Midwest properties and had a portfolio wide default. The clubs had some deferred maintenance, but the lender has put in place a capital expenditure program for each property to address those issues. These properties will be “turn-key” assets for the new owner.