After ClubCorp sold the Holly Springs, N.C. club in 2020 for $4 million to an affiliate of New York hedge fund Sculptor Capital, it has now been resold for $6.4 million to a unit of Spirit Realty Capital. ClubCorp will continue to manage the property as part of a 20-year leaseback agreement arranged through the initial sale.
Less than a year after it was sold for $4 million by ClubCorp to Devils Ridge Owner LLC, an afflilate of New York hedge fund Sculptor Capital (https://clubandresortbusiness.com/clubcorp-sells-devils-ridge-gc-for-4m/), the private Devils Ridge Golf Club in Holly Springs, N.C. has been resold for nearly $6.4 million to Dallas-based Spirit Realty LP, part of Spirit Realty Capital Inc., the Triangle Business Journal reported.
ClubCorp continued to manage the club after the first sale and it will remain under its management, the Business Journal reported.
ClubCorp, which bought Devils Ridge GC for $4 million in 1999, agreed to continue operating the club under a long-term leaseback agreement as part of its sale for that same price to the Sculptor Capital affiliate. And the 20-year agreement will stay in place following the most recent sale, according to county records, the Business Journal reported.
Spirit Realty Capital, which was founded in 2003, has $7 billion in real estate investment and 1,880 properties including retail, industrial and office space, the Business Journal reported.
Devils Ridge Golf Club opened in the Sunset Ridge community of Holly Spring in 1991 and has an 18-hole golf course totaling 7,002 yards, along with two practice putting greens, a driving range, clubhouse with dining options and a bar.