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1/25/08
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CB Richard Ellis announced that their Carlsbad-based Golf & Resort Properties Group has completed another successful year in 2007, handling the sale of eight golf properties in five states for total consideration of more than $90 million.
The public and private clubs were all marketed through exclusive listings and are located in California, North Carolina, Virginia, Massachusetts and Colorado, including:
PGA of Southern California Golf Club in Beaumont, California
Woods Valley Golf Club in Valley Center, California
Skybrook Golf Club in Huntersville, North Carolina
Riverfront Golf Club in Suffolk, Virginia
The Golf Club at Turner Hill in Ipswich, Massachusetts
The Hodges Golf Learning Center in Escondido, California
Redlands Mesa Golf Community in Grand Junction, Colorado
Arrowood Golf Club in Oceanside, California
Jeff Woolson, Senior Vice President and Managing Director of CBRE’s Golf & Resort Properties Group is widely recognized as one of the nation’s leading golf course brokers. With nearly 20 years experience, Woolson has seen many business cycles in the golf industry.
“These are challenging times for golf course investors, with the ongoing credit crunch and overall decline in the real estate market,” Woolson said. “We are seeing a return to more traditional investment parameters with lenders calling for higher equity requirements and golf courses trading at higher cap rates.”
Having sold more than 60 golf courses (including 15 over the last two years for more than $176 million), Woolson has excellent insights into current market dynamics.
“Quality golf courses will always be in demand and we will continue to see assets trading that have never traded before,” he said. Things don’t appear to be slowing down for Woolson’s team in 2008, with a number of active listings and two golf courses currently under contract.
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