Steven Ekovich, the lead agent on the asset sale and his team of Chris Karamitsos and Matt Putnam, represented the seller, a
financial institution based in California.
They also secured the buyer of
the property, a Canadian investment group. Ekovich said they had about 27 offers on the
property but deteriorating course conditions and a city agreement with the previous
developer discovered during due diligence that was part of a CC&Rs forced
the new owner to spend almost twice what that course would normally need to
spend in maintenance. Ekovich said, “That agreement was so onerous, that once
buyers really studied the document and met with the city, they decided the risk
to proceed was just too high and they dropped out of the process. The buyer we
brought to the closing out of Canada, had the expertise to get comfortable with
the agreement, the city and the course conditions”.
Palm Desert Country Club is a 27-hole semi-private golf facility located in
Riverside County, California at the heart of the Coachella Valley in sunny Palm
Desert. Voted Golf Inc. Magazine's 2006 "Renovation of the Year" after
$12.22 million dollars in course and clubhouse improvements, the former Bob Hope Tournament venue subsequently
fell into disrepair and was foreclosed. An
original Bill Bell design, this course was the centerpiece of a thriving
community 40 years ago during the early boom years of the Palm Springs era. In
2004, Cary Bickler, a renowned architect, rehabbed the course including
rebuilding all greens, relocating some of the greens as well as redesigning
fairways, tees, bunkers and water features to enhance the golfers’ experience.
#
# #
With more than 1,200 investment
professionals in offices nationwide, Marcus & Millichap Real Estate
Investment Services is the largest firm specializing in commercial real estate
investment services in the nation. Marcus & Millichap closed 4,302
transactions in 2010, the highest of any commercial real estate brokerage firm.
Founded in 1971, the firm has perfected a powerful system for marketing
properties that combines product specialization, local market expertise, the
industry’s most comprehensive research, state-of-the-art technology and
relationships with the largest pool of qualified investors nationally.
