Golf Division Arranges the Sale of Dunes West Golf & River Club
CHARLESTON, SC, May 6, 2016 – The Leisure Investment Properties Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Dunes West Golf & River Club, located in Mount Pleasant, SC, according to Steven Ekovich, First Vice President, National Managing Director and Director of the National Golf Division of the Leisure Investment Properties Group.
Terence Vanek, an investment advisor with the Leisure Investment Properties Group, had the exclusive listing to market Dunes West on behalf of the seller, John Weiland Homes and Wheelock Street Capital. Headquartered in Atlanta and recently acquired by Pulte Group, Wieland ranks among the country’s 100 largest homebuilders and is a leading builder of luxury homes in Atlanta, Charleston, Charlotte, Nashville and Raleigh. Wheelock Street Capital is a private real estate investment firm headquartered in Greenwich, CT, and manages $1.4 billion of cumulative equity capital.
Steven Ekovich, stated, “Terry Vanek, lead listing agent, launched a highly focused marketing campaign directly reaching out to only those buyers in our extensive database who were qualified to purchase the facility. Using a controlled marketing process, he generated multiple offers within 45 days of launch, while maintaining strict confidentiality for ownership. He continued to receive significant interest up until closing.”
“Interest in the property was broad-based, both local and national,” said Mr. Vanek, “because Dunes West is such a trophy property in the Charleston market. Recipient of multiple “Best of” awards, designed by the iconic Arthur Hills, in an area ranked as one of the top tourist destinations in the US… truly one of the best golf assets we’ve had the pleasure to work with.”
Dan Green, Wheelock principal and head of land acquisition, stated, “The Dunes West Golf & River Club was the centerpiece amenity to one of John Weiland Homes and Neighborhoods’ signature communities. Terry Vanek at Marcus & Millichap’s Leisure Investment Properties Group did a great job selling the property to investors so that we achieved our goal to maximize proceeds in the sale, but also preserve the future of a spectacular golf course for the Pulte Brand.”
Mr. Vanek also procured the buyer in the sale of the facility, Jim Feeney, who entered the Charleston golf market 15 years ago with the purchase of Snee Farm Country Club. 12 years later he purchased Rivertowne Country Club, and now has added Dunes West Golf & River Club to his portfolio of golf offerings. Mr. Feeney was quoted as saying “with the opportunity to acquire another quality golf facility in such a great market as Charleston, we could not be happier. We are committed to the communities surrounding our clubs and look forward to the continued success with the collaboration of these fantastic facilities. More importantly, we look forward to enhancing memberships at all three clubs while offering fabulous golf and incredible dining experiences for our members and guests.”
Dunes West Golf & River Club is one of the most recognizable and well-reviewed semi-private courses in Charleston, South Carolina. The 18-hole championship golf course is considered a masterpiece of traditional golf design, steeped in the history and beauty of the South Carolina low country and highlighted by a charming clubhouse overlooking Wagner Creek with spectacular views.