Leisure Investment Properties Group Awarded Exclusive Listing to Market Frog Hollow Golf Club
TAMPA, FL – June 22, 2016 – The Leisure Investment Properties Group of Marcus & Millichap Real Estate Investment Services (NYSE: MMI), the nation’s largest real estate investment services firm with offices throughout the United States and Canada, has been retained to exclusively market for sale Frog Hollow Golf Club in Middletown, Delaware. Steven Ekovich, First Vice President and National Managing Director, announces Robert Waldron, Investment Advisor as lead advisor on the deal.
This 220+/- acre offering consists of the leasehold interest (with the Town of Middletown) in the 214 acre daily fee golf course as well as the fee simple interest in the 6 +/- acre parcel which includes the clubhouse, swimming pool, tennis courts and playground. Included in the sale are certain personal property and business rights associated with operating the golf course and food & beverage components. Frog Hollow Golf Club is an award winning 18-hole championship golf course designed by course architects Allen Liddicoat and David Horne. The two story 10,400 square foot clubhouse features a banquet facility, prep kitchen and restrooms on the second floor and pro shop, offices, and The Pub, a full-service restaurant and bar on the first floor. Other amenities include a grass tee driving range and short game practice area with putting green.
Waldron states, “Priced at only $1,550,000, Frog Hollow Golf Club provides an excellent acquisition opportunity for a prospective buyer interested in a well maintained, turnkey asset with a substantial upside. Some of the unique benefits to the owner include: unlimited irrigation water at no cost, a favorable lease structure and low real estate taxes.” The course is located near Route 301 in Middletown, Delaware which has been designated as the targeted growth corridor by both New Castle County and the State of Delaware. Frog Hollow is located approximately 30 minutes south of Wilmington and readily accessible from South Jersey, SE Pennsylvania and Maryland from I95 and Route 896. The property benefits from a strong population of 1,136,874 people residing within a 30 mile radius and an average HH income of $85,311. Frog Hollow presents an attractive investment opportunity to restore financial operations to historical levels with minimal capital expenditure needs for new ownership.