Golf Division of the Leisure Investment Properties Group Sells TPC Portfolio in North Carolina & Michican
Piper Glen, NC / Dearborn, MI – 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, today announced the sale of the TPC portfolio, courses include TPC Piper Glen located in North Carolina and TPC Dearborn located in Michican.
Steven Ekovich, Managing Director of the firm’s National Golf & Resort Properties Group and lead agent on the asset sale, represented both the seller a well-known national lender and the buyer, ClubCorp. The TPCs were sold out of receivership, on behalf of their legal owner and their financial institution. Addison Law out of Dallas was the Receiver for the sale.
Ekovich stated, “Our team marketed these properties nationally and internationally and received 20 offers on the properties. After careful consideration, the Receiver and financial institution decided it was in the best interest of all parties, including the members, to accept ClubCorp’s offer. Tom Bennison, lead acquisition person for ClubCorp, managed the acquisition process. ClubCorp has plans to immediately begin capital expenditure projects for both remedial improvements and upgrades at both TPC properties. The vision of Bennison and his team at ClubCorp is to restore both TPC properties to the original standards set by the Tournament Players Club by investing considerable capital improvement funds.”
Ekovich continues, “As ClubCorp recently went public, this acquisition of the TPC portfolio is another statement to their shareholders that ClubCorp is aggressive in growing their business with quality assets.”
ClubCorp, founded in 1957, owns a portfolio of more than 150 golf and country clubs, business clubs, sports clubs and alumni clubs in 25 states, the District of Columbia and two foreign countries. They have membership base of over 350,000 members worldwide. Their over 15,000 employees are trained to service and create exceptional experiences for members and their clubs.
The National Golf & Resort Properties Group specializes in marketing golf courses, golf resorts and golf master planned communities nationwide and has brokered 53 courses in less than 45 months, with an additional 12 golf assets under contract. For more information regarding the sale of TPC Portfolio or to learn more about selling or acquiring golf courses nationwide please contact Steven Ekovich at 813.387.4791 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 50 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