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After selling seven golf courses in 2011, CBRE’s Golf & Resort Group announced the sale of four golf properties so far in 2012, including two in Florida and two in California for total consideration of more than $14 million.
Orange County National Golf Center & Lodge in Orlando, Florida is considered one of the best overall golf facilities in Florida. With two championship golf courses, a family-friendly 9-hole course, one of the largest practice facilities in the country, a spacious clubhouse and a 48-room lodge, it’s no wonder Orange County National has been recognized by Golf Digest as one of the “Best Places to Play” an incredible ten years in a row. Located just north of Disney World on more than 900 acres, Orange County National operates under a long-term ground lease with the County of Orange and City of Orlando. CBRE was retained by client/seller AIG through an exclusive listing agreement and sold Orange County National to Celebration Golf Management in March.
The Golf Club at South Hampton is located south of Jacksonville and anchors a 900-acre, master-planned community in beautiful St. Augustine, Florida. The golf course was designed by Mark McCumber and opened in 2002, along with an expansive practice facility and two-story, 10,000 square foot clubhouse. South Hampton is part of a portfolio CBRE is marketing for client/seller Crescent Resources in the greater Jacksonville area and the buyer was DWA Golf.
Whitney Oaks Golf Club is considered one of the finest daily fee golf facilities in the greater Sacramento region, situated 30 minutes north of downtown in the City of Rocklin. The golf course opened in 1997 and was designed by Johnny Miller and Fred Bliss. An attractive 15,000 square foot, Craftsman-style clubhouse complements the golf course and a regulation croquet court overlooking the large pond separating the 9th and 18th greens is utilized for weddings and other special events. CBRE sold Whitney Oaks through an exclusive listing agreement with seller/client BrightStar Golf Group to the United Auburn Indian Community.
Salt Creek Golf Club features a Scottish links-style golf course with mountain and ocean views, ideal for tournaments and outings due to its location (20 minutes from downtown San Diego), playability and extensive practice facilities. Salt Creek opened in January 2001 and is operated under a long-term ground lease on 239 acres owned by the Otay Water District. CBRE sold the course at the direction of the U.S. Bankruptcy Court to Pacific Hospitality.
CBRE’s Golf & Resort Group has successfully closed 26 transactions over the last 36 months for total consideration of more than $310 million, including 12 in the last 12 months. Jeff Woolson, who serves as the Managing Director of the talented group, described the golf industry as “challenging,” saying that “Despite the lack of available financing, we have been able to close a good number of transactions and feel optimistic about the balance of 2012.” The group’s current listings include golf clubs, resorts, communities and development opportunities across the country, as well as in the Caribbean. Information on CBRE’s Golf & Resort Group and their investment opportunities can be found at www.cbre.com/golfandresort.
IMAGE: Orange County National Golf Center & Lodge