LA VERNE, CA—A joint venture between the Zaruka Investment Properties and Wedgewood Banquets has purchased the Sierra La Verne Country Club from an entity operating as Sierra La Verne Country Club Inc. The property sits on 112 acres in the City of La Verne. The buyers plan to reposition the property as a wedding and special event space.

“The sellers have owned the property since the 1980s, and have enjoyed a long successful run; however, it is no longer core to their primary business,” Ken Arimitsu, VP at PMRG, tells GlobeSt.com about the seller's reason for disposing of the property. Arimitsu represented the seller in the sales transaction. The property features an 18-hole golf course with a 12-station driving range, a 30,000-square-foot tri-level clubhouse and an outdoor pavilion.

The sales team received strong interest in the property. “There continues to be strong demand for well-priced golf courses in Southern California,” says Arimitsu. “Potential buyers ranged from individual investors, land developers, to large national operators.” The sales price was not disclosed.

Although the area is known for its industrial market, there has been some strong momentum in the retail and multifamily sectors as well. The La Verne Village development came online last year after approximately 15 months of development. The 15,000-square-foot property sits on nearly eight acres and was formerly a parking lot. The estimated cost of the development is $43 million.