Last Update :12/6/2012
Ford's Colony Sold
MARCUS & MILLICHAP BROKERS THE SALE OF FORD’S COLONY COUNTRY CLUB
Williamsburg, VA, November 30, 2012
Steven Ekovich, the lead agent on the asset sale, represented the seller, a financial institution based in Chicago. Steve Ekovich also facilitated the buyer, Accord Golf with funds from a Private Equity fund in the acquisition of the property. Mr. Ekovich said that "after an exhaustive international search for the right buyer for this club, it was determined that Accord Golf would be the best fit for both the seller and club. This transaction was particularly difficult because the survey on the three courses, which took an unprecedented three months to complete, discovered many complex issues that needed to be resolved. We were fortunate that both the seller and the buyer had the expertise to move through the myriad of encumbrances, encroachments and title issues to facilitate a closing.
Accord Golf Capital and its private equity fund partner bring together a management team with well over 50 years of combined golf industry experience as well as a significant capital provider. The venture was created to acquire golf assets similar in size and stature to Ford’s Colony. The new owner has retained Traditional Golf Management (TGM) to oversee the day to day operations of the club. Paul Mauk of Traditional Golf said, "Ford’s Colony is the first of what we believe will be many such acquisitions."
Traditional Golf Management (TGM) is a golf management company established in 1999, located in Toano, Virginia. TGM operates a total of thirteen clubs in, Virginia (6), North Carolina (5), Connecticut (1) and New York (1). TGM has extensive experience operating both private and semi-private golf clubs.
Ford's Colony Country Club is located just minutes from historic Colonial Williamsburg in what is locally referred to as "The Golf Capital of Virginia". This 54-hole championship country club has been recognized as one of America's Best Golf Courses by Golf Week Magazine, and rated 4-1/2 Stars by Golf Digest. The club's three championship courses are the centerpiece amenity to a larger 3,250-unit Master Plan Development that itself has been voted the No. 1 Master Plan in the Continental US by the ARDA. The Club features include five-diamond award winning dining, a state-of-the-art golf academy, and a proshop that has continually been rated No. 1 in the Mid-Atlantic.
The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Ford’s Colony Country Club, a 54-hole championship golf course located in Williamsburg, according to Steven Ekovich, Director of the firm’s National Golf & Resort Properties Group based in Tampa, Florida.
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