Golf Division of the Leisure Investment Properties Group Sells Cress Creek Country Club & Locust Hill Golf Club Portfolio
Shepardstown, WV / Charles Town, WV – The National Golf & Resort 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 announced the portfolio sale of Cress Creek Country Club and Locust Hill Golf Club, according to Steven Ekovich, Director of the firm’s National Golf & Resort Properties Group based in Tampa, Florida.
Representing both properties, National Golf & Resort Properties Group’s Raymond Demby states, “Cress Creek Country Club has been historically operated Drennen family since 1988. In 2004, the Drennen family acquired Locust Hill Golf Club. It was of the utmost importance to the family that the purchaser was dedicated to the family legacy with continued growth of Cress Creek. The Drennen’s wanted to ensure their members retain the same standards of service they have become accustomed to at Cress Creek under the new regime.” Demby continues, “In regard to Locust Hill, after the devastating fire that took place in March of 2014, it was imperative to the owners that we locate a purchaser who would not only maintain the high quality of Locust Hill but would continue to rebuild after the loss caused by the fire.”
Dale Walter, family Matriarch of the Drennen family states, “From the beginning of this process, it was very important to us that we find a Buyer that can continue building the legacy established by our family at Cress Creek. We believe we’ve done just that, as these three longtime (Club buyers) members will surely maintain all of the things that we’ve come to love about The Club.” Ms. Walter’s continues, “Regarding Locust Hill, once again we know that we found the right new owner who will move our course forward with the help of our employees, golfers and local residents. Wayne is just the right person so prevail and improve the course since the fire.”
Eric Lewis, new co-owner of Cress Creek states, “With the three of us being members of Cress Creek for over 15 years, we obviously love the Club and this an a new and very exciting opportunity for each of us and our families. Our first priority is to have a seamless transition between owners, which has already been accomplished. Moving forward, we’re looking to growing Cress Creek by building on everything we (and other members) have already enjoyed here over the years.”
Wayne Clark, PGA and purchaser of Locust Hill continues, “I am extremely excited about the opportunity to reinvigorate Locust Hill after this year’s clubhouse fire. I have extensive plans to renovate the property in order to complement the high quality golf course already in place.”
The National Golf & Resort Properties Group has sold 59 golf courses over the past 45 months; including well-known brands including TPC and Ritz-Carlton, and properties recognized as “Best in State” and “America’s 100 Greatest Golf Courses”. The acquisition of Cress Creek Country Club and Locust Hill Golf Club stands tall against any of those in terms of upside investment opportunity.
To obtain more information on this property or other properties, please contact Rob Waldron, National Golf & Resort Properties Group 813-387-4784, or visit www.nationalgolfgroup.com.
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About National Golf & Resort Properties Group: Founded in 2009, National Golf & Resort Properties Group has become the renowned industry leader in golf course sales nationwide. The group has sold 55 courses, within the last few years, as well as underwritten $1 billion in golf assets. The National Golf & Resort Properties Group successes are unprecedented in the golf course industry. Our management team has over 25 years’ experience in both golf and commercial real estate and 20 years PGA professional management experience. For more information please visit: www.nationalgolfgroup.com.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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