The Pellucid Perspective - August 2021 - 11

Event
Course
Hickory Hill
Country Club
Western View
Golf Club
DMA
Biloxi-Gulfport
MS
Portland-Auburn
ME
Type/Holes Summary
Pub/18
Learn &
Prac/9
Closed in '20, 5 partners team up to purchase
with planned re-opening of Oct '21
Sold to locals Cathy Cobb & Julie Bernier;
property auctioned but top bid ($400K) failed to
meet auction minimum allowing " side sale " to
happen (price not disclosed, sounds like it was
higher than $400K but didn't meet reserve); seller
was hoping to get $849K all-in, '21 property
assessed value (not incl. equip.) was $573K. Will
continue ops as golf course
Brookfield
Country Club
Atlanta GA
Pub/18
Strange history here. Bought by Spirit Realty
Capital for $11.4M fm Sculptor Real Estate who
bought the property in '20 for $9M; multiple
transactions between Sculptor and Spirit, all at
premiums to prior (recent) transactions. Can you
say " financial engineering " possible?
Devil's Ridge
Golf Club
Transacted/
For Sale
Raleigh-Durham
(Fayetteville) NC
Stone Canyon Tucson (Sierra
Vista) AZ
Chaparral Pines
Golf Club
The Rim Golf
Club
McDowell Mountain
Golf Club
Ocotillo Golf
Club
Palm Valley Golf
Club
Priv/18
Priv/18
Sold by ClubCorp in '20 for $4M to Sculptor
Capital, now changes hands to Spirit Realty
Capital for $6.4M, odd...
Arcis Golf purchases 6 properties fm Mickelson Golf
Properties (yes, that Mickelson). Phil & Steve Loy
decide that the time to get out of the facility ownership
game is...now. No longer a " gamble " worth taking or
the opportune time to cash in his chips?
Phoenix
(Prescott) AZ
Phoenix
(Prescott) AZ
Phoenix
(Prescott) AZ
Phoenix
(Prescott) AZ
Phoenix
(Prescott) AZ
Van Patten GC Albany-Schenectady-Troy
NY
Priv/18
Priv/18
Pub/18
Pub/27
Pub/36
Pub/27
Arcis 6 property purchase (see Stone Canyon)
Arcis 6 property purchase (see Stone Canyon)
Arcis 6 property purchase (see Stone Canyon)
Arcis 6 property purchase (see Stone Canyon)
Arcis 6 property purchase (see Stone Canyon)
Purchased by Lance Orcutt, reg'l executive,
property not marketed just an informal
introduction of two parties that resulted in sale;
3rd generation of Van Patten family bowing out of
the golf business
Redevelopment
Hiawatha Golf
Club
Status Change/
Other
East Potomac
Golf Links [fmrly
EPGC]
Mile Square Golf
Course
On-the-bubble
Minneapolis-St.
Paul MN
Washington DC
(Hagerstown
MD)
Pub/18 Political " football " in Minneapolis, historically lost
$1M+ annually, last decade (but turned $1.3M
profit in '20), needs extensive water pumping;
council members want to reduce to 9 holes and
repurpose to limit liability
Pub/18 Part of the Nat'l Links Trust masterplan, being
renamed to position like St. Andrews based on
links-style golf and sharing peninsula topography;
3 properties (EPGL + Langston, Rock Creek) being
managed by Troon
Los Angeles CA Pub/36
Operator of 36 holes @ Mile Square Reg'l Park
agrees to settle back taxes issue by returning 18
holes to Orange Cnty in exchange for lower tax rate
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The Pellucid Perspective - August 2021

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