WHITE LAKE TOWNSHIP, MI-Brentwood Golf & Country Club has been sold by Golf Trust of America, Inc. The Charleston, SC-based REIT also sold Club of the Country in Louisburg, KS, two 18-hole golf courses, in separate transactions.
The company sold Brentwood Golf & Country Club, an 18-hole golf course, for of $2.6 million. The company had been operating the Brentwood golf course following the default of the original owner. The of the Country, also an 18-hole golf course, sold for $2.655 million.
“The sales were further steps in our business plan, which includes the sale of certain non-core assets in the ordinary course of business,” says W. Bradley Blair, II, president and chief executive officer. “We are pleased with the prices received on these two golf courses, which are in line with conditions in their local golf markets and their course revenues. Both courses were sold to local companies with interests in the immediate communities.”
Golf Trust of America owns an interest in 42, 18-hole equivalent golf courses.
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