New owners will continue Green Cove Springs (Fla.) course's strategic vision.
The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Magnolia Point Golf and Country Club, a 27-hole golf course located in Green Cove Springs, Fla., according to Steven Ekovich, Director of the National Golf & Resort Group of the firm’s Tampa office.
Matthew Putnam, the lead agent on the asset sale and Chris Karamitsos, co-founder of the National Golf & Resort Properties Group, represented the seller, Floribec International, INC. Matt Putnam also facilitated the buyer, Magnolia Point Investment, LLC in the acquisition of the property. Mr. Putnam said that “the buying group has a tremendous vision for this property going forward which was, in large part, the reason the seller selected them from among several other qualified offers. Since the sellers were the original developers of the course and community, it was important for them to find a group that could continue and build upon the legacy that they have created at Magnolia Point.” The purchase of Magnolia Point marks the first acquisition of this kind for Magnolia Point Investment, whose principals have extensive experience in tennis and spa operations.
Sprawling through a 1,000 acre community, Magnolia Point is a semi-private country club that features 27 holes of golf designed by Mark McCumber and also boasts 7 clay tennis courts, a junior Olympic swimming pool and full service bar, restaurant and banquet facilities. With no parallel fairways, various elevation changes and as many as 13 signature holes, the golf course is widely regarded as one of the best layouts in North Florida.