Another golf course sold: Cypress Lakes Golf Club

          TheNational 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 Cypress Lakes Golf Club, a 185 acre 18-hole golf course located in Cypress, a Houston suburb of Texas.

Steven Ekovich, the lead agent on the asset sale, represented the seller, a financial institution based in Chicago.  Steve Ekovich also facilitated the buyer, Cypress Lakes Investment, LTD in the acquisition of the property. Mr. Ekovich said that “after an exhaustive international search for the right buyer for this club, it was determined that Cypress Lakes Investment, LTD was the right buyer for this asset. We had tremendous interest in this club, 14 offers and about 70 interested parties. The transaction was very difficult as a result of a lawsuit that popped up in due diligence and significant survey issues. However, with creativity and determination we were able to resolve the issues and at the end of the day, both the buyer and seller got a fair deal.” The firm currently has sold 26 golf courses in the past 18 months, putting them at the forefront of golf course brokers nationwide. The National Golf & Resort Properties Group currently has 10 golf courses for sale, and another 10 golf courses under contract to close over the next three months. To view the firm's available listings, please click here.

Cypress Lakes is a championship Jim Fazio design locally renown for its great layout and excellent greens.  In 2005 Texas Golfer voted the club “Best Kept Secret in Houston” and in 2009 the Houston Chronicle ran an article headlined “Surfaces have been rated among the best in the Houston area since ‘99”.  

#     #     #

With more than 1,000 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 5,085 transactions in 2011, 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.

www.nationalgolfgroup.com

MARCUS & MILLICHAP BROKERS THE SALE OF BROAD RUN GOLF CLUB

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 Broad Run Golf Club, a 372 acre golf course located in Westchester, PA, according to Steven Ekovich, Director of the National Golf & Resort Group of the firm’s Tampa office.

Steven Ekovich, the lead agent on the asset sale and Tom Gorman of the Philadelphia office of Marcus & Millichap, represented the seller, a financial institution based in Pennsylvania. Steve Ekovich also facilitated the buyer, Broad Run LLC in the acquisition of the property. Mr. Ekovich said that “after an exhaustive international search for the right buyer for this club, it was determined that Broad Run, LLC which owns multiple courses in Pennsylvania would be the best fit for both the seller and the club. Broad Run LLC. is a well-capitalized golf firm that has the vision, leadership, expertise and the necessary capital, to take Broad Run back to its founding as one of the best courses in Pennsylvania.”

Broad Run was designed by world renowned golf course architect Rees Jones and rated 4-1/2 Stars by Golf Digest. Replete with industry awards and accolades for both quality of golf and service, the customer experience was unlike anything else offered in the competitive market and again will be on par with its history. The property is expansive, dramatic, and truly one of a kind. With 150 foot elevation changes throughout the property, and a 300-year old clubhouse registered as a Pennsylvania historic landmark, Broad Run provides a golf experience like no other.

**********************************

Sea Trail Golf Resort & Convention Center for Sale

The National Golf & Resort Properties Group just listed an outstanding resort on the north part of the Grand Strand. As golf course brokers, we strive to bring the best offerings to market, golf and golf-resort assets that are high quality, well underwritten and well packaged. The Offering Memorandum provides the qualified investor with a clear and concise view of how the course operates currently, historically and how a capable golf operator should operate it in the future to maximize value. In doing so, we provide the seller with a price that is higher than would be expected though normal brokerage methods and provides the buyer with a well vetted, asset with upside. It is a win-win proposition for both seller and buyer and both receive a fair deal. We believe in a brokerage transaction, all parties should feel like the process was a win, not a win for one side while the other side feels screwed. It is with this in mind, that we bring to the market another world class golf resort Sea Trail.

Listed at $9,950,000, the National Golf & Resort Properties Group is pleased to exclusively offer the court-ordered bankruptcy sale of Sea Trail Golf Resort& Convention Center. Located in Sunset Beach, NC in Brunswick County, just two miles from the Atlantic Ocean and only 15 minutes from the tourist mecca Myrtle Beach, Sea Trail is a 2,000 acre master planned resort community and is home to over 700 single-family homes and 600 multi-family residences. Included in this offering is the 54-Hole Championship Course, designed by Rees Jones, Willard Byrd and Dan Maples. In addition to the course and 36,000 sq. ft. Convention Center, this offering also includes two full-service clubhouses with both fine and casual dining, tennis, fitness, swimming, over 48,000 sq. ft. of total meeting & banquet space, 46 developed residential lots with Assessed Value over $5,000,000 and 190 acres MOL of developable land tracts suited for single or multi-family residential expansion, although hospitality is also an alternative.

As a court-ordered bankruptcy sale, an investor will be purchasing a completely free & clear title, signed by a Bankruptcy Judge. Additionally, all retained liabilities associated with the club will be eliminated and new ownership will have the option to accept, reject, or renegotiate all lease agreements upon taking possession of the property. Listed at a 70% discount to the Brunswick County Assessed Value of $32,000,000, Sea Trail presents a significant opportunity for an investor to add value immediately and reposition the club as the premier golf resort in the area. For more information on golf courses and resorts for sale see our website at www.nationalgolfgroup.com

HIGHLIGHTS:

Award-Winning 54-Hole Golf Course Resort and Convention Center 48,400 Square Feet of Meeting and Event Space Rental Pool of up to 600 Stay and Play Villas with Revenue Threshold of $3,500,000 190 Acres MOL Developable Land Tracts  Pre-Bankruptcy Historical Revenue of $13M - $16M 11.28 Percent End-of-Year-One Cap Rate Includes 46 Residential Lots - Assessed Value over - $5M Offered at 31 Percent of the $32 Million Assessed Value