RIVER VALE, NJ–As the 2015 golf season heats up, Edgewood Country Club in River Vale has traded hands faster than a shotgun-start, in a transaction teed up by Cushman & Wakefield's Metropolitan Area Capital Markets Group. The Witmondt and Schonbraun Families, operating through Edgewood Golf Course Realty Associates, acquired the 185-acre property from Edgewood Country Club Inc. Terms of the transaction were not disclosed.
Located at 449 Rivervale Road, Edgewood Country Club operates as a private, 27-hole golf course and country club facility. The property includes a 41,500-square-foot clubhouse, swimming pools, tennis courts, driving range, putting greens, snack bar, banquet facilities, and other amenities. Cushman & Wakefield brought the 55-year-old establishment to market earlier this year.
“We received more than one dozen offers from investors recognizing the rare opportunity to acquire a large property in the wealthiest county in New Jersey,” says Cushman & Wakefield's Gary Gabriel, who headed the assignment with Metropolitan Area Capital Markets team members Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Dowd. “We ran the process as one that would enable Edgewood to sell the property but maintain its operation as a premier country club and golf course. This was the fastest closing, from start to finish, we have ever seen.”
The new ownership's long-term improvement plan will position Edgewood Country Club as a world-class country club that features exceptional facilities and new family programming at Edgewood. Future plans include a redesign of its golf course and the development of a portion of the club's excess land.
“I can count on one hand the number of times in decades that 185 acres has come up for sale in Bergen County, and the Witmondt and Schonbraun Families capitalized on it. They bring long and successful track records within the golf club and real estate industries,” says Gabriel. “Edgewood benefits from its outstanding location amongst New York City's wealthy bedroom communities, the density of its surrounding neighborhoods and its proximity to New Jersey's major transportation arteries. It is destined to continue its long-history of success under the confidence of new ownership that is committed to creating a best-in-class country club.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
