The firm purchased the 260-acre daily fee golf club in Midlothian, Va., from the VSGA Foundation for an undisclosed price. Though no specific plan has been generated, the new owner plans to take advantage of non-golf amenities at the club to drive more revenue.
Independence Golf Club in Midlothian, Va., was sold last week in a deal that moves the 12-year-old course under the wing of Pros Inc., a locally based company led by Giff Breed, the Richmond (Va.) BizSense reported.
The firm, which took over the 260-acre daily fee course effective October 1, has been in and out of the business of representing pro golfers and other athletes, and now has its own course, BizSense reported.
Pros Inc. purchased Independence from the VSGA Foundation, whose mission is to foster amateur and junior golf in the state, BizSense reported.
Independence opened in 2001 as the centerpiece of the surrounding Founders Bridge residential development. It features an 18-hole course and a nine-hole short course, BizSense reported.
“We are very honored to be the stewards of the vision that was set out by the founders years ago,” Breed said. “We look forward to trying to bring the course to the next level.”
Breed would not say how much Pros paid for the club, and added that it’s too early to get into the company’s specific plans. But part of the plan is to take advantage of the non-golf amenities at Independence to drive more revenue, he said.
The course, for example, has dorms onsite that have the potential to host more than just golf camps, Breed said. And its grounds, which include a 22,000-sq. ft. clubhouse known as the Charles House, could be the setting for more gatherings such as a July 4 celebration, BizSense reported.
Officials at the VSGA Foundation did not return calls from BizSense seeking comment on the sale. The foundation is headquartered on the grounds of Independence.
John Farrell, who handles sales of residential lots at Founders Bridge, was pleased at the news of a new owner, BizSense reported.
“I think it’s a good thing for everybody,” Farrell said. “[Breed] recognized the value, and he’s going to continue to take advantage of what he’s got. I’m excited from my perspective because I know the value will be maintained and will probably be made even better.”
The club has been an important piece in selling homes at Founders Bridge. The subdivision will have 402 homes once it’s fully built out, and it has about 55 lots left to build on, BizSense reported.
“It’s one thing to have a single-family residential development,” Farrell said. “When you have something like [Independence], it creates a lot more value.”
Richmond clubs have seen plenty of sales, mergers, bankruptcies and foreclosures in recent years, BizSense reported.
The Club at Viniterra was sold in late 2012 to a South Carolina firm. Lake Chesdin Golf Club was acquired from a Canadian firm in the spring and then merged into Meadowbrook Country Club. And both Prince George Golf Club and River’s Bend Golf Club are stuck in Chapter 11 bankruptcy as their owner works out a deal to pull the properties out of debt, BizSense reported.
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