The sales represent two more in a long list of courses sold in recent weeks by the Leisure Investment Properties Group.
The Leisure Investment Properties Group (LIPG) of Marcus & Millichap, a commercial real estate investment services firm, announced the sale of the Gainesville Country Club located in Gainesville, Fla., and The Trophy Club of Atlanta, located in Alpharetta, Ga., according to Steven Ekovich, First Vice President, National Managing Director and Director of the National Golf Division of the Leisure Investment Properties Group.
An unnamed private investor and philanthropist with ties to the University of Florida acquired the Gainesville CC, which took place on December 31, 2018 and ended a year in which the LIPG sold 19 golf assets throughout the United States.
Designed by George Cobb in 1964, the course underwent some design-renovations in 1992 by former PGA Tour player, broadcaster and two-time University of Florida Gators Golf captain, Mark McCumber.
The club, which had been owned by the members and on the market since early summer, had several interested parties and multiple offers prior to contracting with the eventual buyer.
“The members of the Gainesville Country Club really needed some new ownership energy and a solid direction for the future” said Chris Karamitsos, Senior Investment Advisor and Co-founder of the LIPG of Marcus & Millichap. “In some instances, it’s not the ‘usual suspect’ but the ‘unusual suspect’ who steps up as the best candidate to own an asset. This particular buyer was the perfect fit with a passion for the club and the community.”
Gainesville Country Club is the only traditional, private country club in Gainesville. The club amenities include an Olympic-sized pool, Har-Tru tennis center, 18-holes of championship golf with practice facility and an 18,000 square-foot clubhouse with restaurant & banquet facility. New ownership is reportedly planning seven-figure renovations to the club in 2019.
Designed by DJ DeVictor and former PGA Tour player and broadcaster, Steve Melnyk, The Trophy Club of Atlanta hosts more than 45,000 rounds annually and has been open since 1991.
“The Trophy Club of Atlanta has long since been a staple of the Atlanta golf market. We are confident that new ownership will build upon the tremendous success established by AGC throughout the years” said Karamitsos.
Karamitsos also said “So far, we are very pleased with the way the dispositions of the Drive Shack portfolio are shaping up.”
Drive Shack expects to have sold as many as 25 golf properties operated by AGC in order to shift its focus on developing additional golf entertainment centers.
Ekovich and Karamitsos have additional Drive Shack-owned courses for sale in New Jersey and Tennessee.
The sales represent two more in a long list of courses sold in recent weeks by the Leisure Investment Properties Group.
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