Transactions, february 3, 2017

     Mullen, Nebraska. Dismal River Golf Club, one of Nebraska’s build-it-and-they-will-come golf venues, has been sold again. The 36-hole club, which opened in 2006, now belongs to a group led by Joel Jacobs, a former professional football player who’s become an investment advisor. Jacobs grew up on a ranch near Dismal River, a club that features golf courses designed by Jack Nicklaus and Tom Doak. “I’ve always known what the place can be and should be,” he told the North Platte Telegraph. “We’ll build on what’s there and make it special. There’s never been any money spent on marketing and awareness. We’ll do that and bring life and energy to the place.” Jacobs and his partners are reportedly Dismal River’s fourth owners. They bought the 3,000-acre spread, in the state’s sand hills, from Richard and Chris Johnston, who’d owned it since 2009. Golf Digest believes Dismal River has the #2 and #5 layouts in the state, but it’s hard to brag about those rankings when your next-door neighbor is Sand Hills Golf Club, which features a track that’s ranked #17 in the world.

     Daytona Beach, Florida. The city has agreed to sell one of the assets it most consistently promotes. An affiliate of Consolidated-Tomoka Land Company will pay $1.5 million for LPGA International Golf Club, which has two 18-hole courses (one by Arthur Hills, the other by Rees Jones and Greg Muirhead), a large clubhouse, and a close connection with a professional golf tour. The club also occupies 657 acres in “a strong, growing, and proud city” with “the most improved local economy in the nation.” If you’re thinking that Consolidated-Tomoka has swung a great deal, you aren’t alone. When a city commissioner heard that the company was going to pay only $1.5 million, she asked, “Are we crazy?” In the city’s defense, LPGA International loses money ($15 million “over the past few decades,” according to the Daytona Beach News-Journal) and needs more than $1 million worth of capital improvements – money that the city claims not to have, because it’s supposedly in the midst of a financial crunch. In addition, the city will receive other considerations, notably an additional $700,000 from a surcharge that the buyers intend to add to each round of golf played at the facility over the next few years. (Technically speaking, of course, the club's customers are paying that money, not Consolidated-Tomoka.) So there’s a question worth asking: Is Daytona Beach crazy?

     Edmond, Oklahoma. The residents of the Coffee Creek community, in suburban Oklahoma City, have lost their golf course. Millennium Golf Properties has reportedly accepted $1.25 million for the 18-hole track it built in the early 1990s. The purchaser, which appears to be a group led by Kyle Copeland of Guthrie-based Oklahoma Millworks, Inc., hasn’t said what it intends to do with the 182-acre property, but it’s given no indication that golf operations are being considered.

     Marana, Arizona. Escalante Golf must like to do business in suburban Tucson, because it now owns two golf properties in Marana. Late last year, the Fort Worth, Texas-based course owner and operator paid an undisclosed price for Gallery Golf Club, a venue it believes is “one of the premier clubs in Arizona.” Gallery, which originally operated as Ritz-Carlton Golf Club, will complement Golf Club at Dove Mountain, a property Escalante acquired in 2012. The sale had been percolating for months. The seller, an entity controlled by John MacMillan (he’s an heir to the Cargill fortune), reportedly considered a purchase offer from a group led by Phil Mickelson but preferred Escalante’s. Galley features two well-regarded 18-hole golf courses, one designed by John Fought, the other a Fought co-design with Tom Lehman. Both have hosted professional events. In addition to its golf properties in Arizona, Escalante owns four properties in Texas, three in Florida, two in Colorado, and others in California, North Carolina, Ohio, and Oregon.

     Carthage, New York. A 90-year-old golf course in northern New York has changed hands. A group operating as North Country Golf, Inc. has paid $500,000 for Carlowden Country Club, which features an 18-hole course that was reportedly designed by someone named T. H. Dolson. “It’s probably the premier course in Lewis County, and we’re gonna build on that and keep it the best course,” Tim Yarina, one of the new owners, told WWNY-TV. Yarina and his partners plan to spend $150,000 on improvements to Carlowden, which describes itself as “one of the most challenging, interesting, and beautiful golf courses” in the area.

     West Springfield, Massachusetts. A family of jewelers is about to take over one of the oldest golf clubs in New England. The Hannoush brothers have agreed to buy Springfield Country Club, a venue that was founded in 1897. A price hasn’t been announced. “I love the course. I love the club,” Camile Hannoush told the Republican. “We want to do everything we can to keep the members happy.” The members were no doubt happy to hear that the club will remain private. “It was unsolicited,” the club’s president said of the Hannoushes’ bid, adding, “The golf industry is a difficult business right now. People don’t have the time to play as much. It is hard.” Over the years, at least four architects – Donald Ross, Geoffrey Cornish, Bill Robinson, and Stephen Kay – have contributed to the design of Springfield’s 18-hole golf course. The sale has been approved by Springfield’s members, and the transaction could close next month.

     Lakewood, New Jersey. On the eve of New Year’s Eve, an entity called GDMS Holdings LLC indicated its intent to buy Eagle Ridge Golf Club. GDMS is buying the nine-year-old club from Augusta Boulevard Associates LLC. Eagle Ridge features a 27-hole complex, designed by Dan Schlegel, that’s said to offer “challenging fairways, interesting elevation changes, and unique topography not usually found in most shore golf courses in New Jersey.” A price hasn’t been announced, but the property reportedly has an assessed value of $7.1 million.

     Kahuku, O’ahu, Hawaii. In an effort to limit development on O’ahu’s North Shore, the City & County of Honolulu has acquired a group of properties that include the nine-hole Kahuku Golf Course. The course’s owner, an entity associated with Continental Pacific LLC, has for years hoped to close Kahuku and build houses on it. No chance of that happening now. The course, which has operated since 1937, reportedly attracts about 25,000 rounds a year. To increase play, Pacific Business News reports that Honolulu may stretch Kahuku’s 2,700-yard layout to 3,500 yards and make additional improvements to the property. Elected officials are being advised by Mark Rolfing, the golf commentator (and Maui resident) who’s leading the effort to build a Tiger Woods-designed course along Lake Michigan in Chicago. For the 114 acres it purchased, Honolulu reportedly paid $12.1 million, a price that will ensure public access to the waterfront for years to come.