BLACK FOREST GOLF CLUB & DEVELOPMENT LAND · Top 20 Public Courses in Michigan – Golf Magazine,...

PROPERTY NAME

DBA

CBCworldwide.com

BLACK FOREST GOLF CLUB & DEVELOPMENT LAND

BENCHMARK

Kathy Bissell, VP Golf Course Sales904-285-5465904-233-7553 [email protected]

Coldwell Banker Commercial Benchmark4348 Southpoint Blvd # 310Jacksonville, FL 32216

11196 Shawnee TrailGaylord, MI 49735

PROPERTY NAME

DBA

CBCworldwide.com

TABLE OF CONTENTS

Executive Summary 3

Awards 4

Facility Photos 5

Maps & Aerials 7

Scorecard 10

Michigan Tourism Reports 11

Local Demographics 12

Golf Market Overview 13

Golf as Investment 16

Contact Information 17

Confidentiality Agreement 19


BENCHMARK

PROPERTY NAME

DBA

CBCworldwide.com

EXECUTIVE SUMMARY

PROPERTY DESCRIPTION:

PRICE

Sale Price:

Acres:

$1,300,000

385 ±

INVESTMENT HIGHLIGHTS


Tom Doak designed 18-hole coursePar 73, 7,044 yards, 147 Slope Rating5 sets of teesBent greens, tees and fairwaysPractice green3360 ± SF maintenance facilityNatural cart paths, per architect design

Ample development land around thecourse.

BENCHMARK

Located in Gaylord, Michigan, noted forthe Treetops Resort.Michigan Golf has returned with morethan 400,000 visitors to this countyannually according to GaylordConvention and Visitors Bureau.Adjacent to Department of NaturalResources land.

LOCATION HIGHLIGHTS

Designed by acclaimed architect, TomDoak

Black Forest Golf Course11196 Shawnee TrailGaylord, MI 49735

PROPERTY HIGHLIGHTS

Significant National Awards:Top 10 New Resort Course in America(Golf Digest 1993)Top 5 New Public Course in the United States(Golf Magazine)Top 100 Best Modern Course in America -Golf Week & Golf Traveler Magazine (1999)

PROPERTY NAME

DBA

CBCworldwide.com Coldwell Banker Commercial Benchmark4348 Southpoint Blvd # 310Jacksonville, FL 32216

BENCHMARK

FACILITY AWARDS

Black Forest Golf Course, designed by Tom Doak, has received numerous awardsby major national golf publications as well as Michigan publications:

Top 10 New Resort Course in America - Golf Digest

Top 4 New Public Course in the United States - Golf Magazine

Top 100 Best Modern Course in America - Golf Week & Golf Traveler Magazine

Top 5 Modern Public Courses in Michigan – Golfweek

Top 10 Best: State-by-State (Michigan) Courses You Can Play – Golfweek, 2016

Top 20 Public Courses in Michigan – Golf Magazine, 2016

Top 15 Best: State-by-State (Michigan) Courses You Can Play – Golfweek, 2015 &2014

Best Value in Michigan – Golf Digest

Best Public Course in Northern Michigan – Detroit News

Best Public Course in Northern Michigan – Great Lakes Golf

Gaylord's Best Value - Great Lakes Golfer Reader's Survey

PROPERTY NAME

DBA


BENCHMARK

FACILITY PHOTOS

PROPERTY NAME

DBA


BENCHMARK

MAPS AND AERIALS

LOCATION: Black Forest GC is located in Gaylord, Michigan, adjacent toWilderness Valley Golf Course. Black Forest is situated on 385 acres of land.Adjacent is a Michigan Department of Natural Resources recreation area.Gaylord is in the heart of the most popular area for Michigan vacations. It is in anatural setting of 385 acres with ample undeveloped land.

PROPERTY NAME

DBA


BENCHMARK

MAPS AND AERIALS

LOCATION: Black Forest GC is located in Gaylord, Michigan. Gaylord is in theheart of the most popular area for Michigan vacations. Gaylord is close toTraverse City, a decades-long, nationally-popular, summer resort destination.More than 113 million people visited Michigan in the most recently collecteddata, which was 2014. Gaylord alone had at least 400,000 visitors in that sameyear, according to their Visitors Bureau. According to the state of Michiganoverall tourism volume – the amount of people travelling to and around the state– increased by 3 percent in 2016 over 2015.

PROPERTY NAME

DBA


BENCHMARK

MAPS AND AERIALS

LOCATION: Black Forest GC is located in Gaylord, Michigan. Gaylord is in theheart of the most popular area for Michigan vacations. The property is less thana day’s drive for the populations of Chicago, Cleveland, Columbus, Indianapolis,Pittsburgh, Toldeo and Detroit as well as, Toronto, Canada.

The state of Michigan relies heavily on tourism as an economic driver andsupports tourism with its Pure Michigan campaign. More than 114 million peoplevisited Michigan in the most recently collected data, which was 2014. Visitorswere up from that number in 2015, and Michigan State University, which collectsdata, believes it will be up 3% from 2015 to 2016.

PROPERTY NAME

DBA


BENCHMARK

SCORECARD AND ROUTING

PROPERTY NAME

DBA


BENCHMARK

MIGHIGAN TOURISM

The State of Michigan devotes a significant amount to promoting tourism in in thestate, and Michigan State University conducts research into tourism industry forthe state. The most recently available numbers in a presentation format indicatethat in 2014, the state had 113.4 million visitors. Other articles and storiesindicate a grow rate of between 2 and 3% annually for tourism.

According to the state, the number of visitors is equal to the total populations ofIllinois, Indiana, Ohio and Wisconsin visiting the state three times a year.

Links to data and articles are here, and others may be found by searchingMichigan Tourism:

https://www.michigan.org/industry/research

http://www.michiganbusiness.org/tourism-reports/

http://msutoday.msu.edu/news/2016/michigans-tourism-industry-continues-strong-performance/

http://www.grbj.com/articles/87630-pure-michigan-drives-15b-in-tourism-related-spending

http://www.michiganbusiness.org/cm/Files/Reports/Michigan-2014-Tourism-Economic-Impact.pdf?rnd=1509476311046

https://www.michigan.org/pressreleases/tourism-industry-pure-michigan-campaign-helping-to-drive-states-economy

https://msu.edu/course/prr/840/econimpact/michigan/ecimpest.html

PROPERTY NAME

DBA


BENCHMARK

DEMOGRAPHICS OTSEGO COUNTY & MICHIGAN

Otsego County Michigan

PROPERTY NAME

DBA

CBCworldwide.com

GOLF MARKET – AVAILABILITY OF GOLF


BENCHMARK

Source: National Golf Foundation

2015 population Total Public Private

Metropolitan Statistical Area Population Population Population Population

Holes per 18 holesRank

Holes per 18 holes Rank Holes per 18 holes Rank

HiltHead/ Bluffton/ Beaufort 202,766 1,107 3,297 1 612 5,877 2 486 7,510 2

Naples/Immokalee/Marco Isl 349,909 1,530 4,117 2 351 17,944 79 1,179 5,342 1

The Villages 115,011 495 4,182 3 234 8,847 6 261 7,932 3

Myrtle Beach/ Conway /N Myrtle 425,521 1,710 4,479 4 1,548 4,948 1 162 47,280 29

Banrstable MA 224,239 684 5,901 5 387 10,430 13 297 13,590 6

Monroe MI 149,760 414 6,511 6 396 6,807 3 18 149,760 295

Sebastian/Vero Beach 146,977 396 6,681 7 99 26,723 163 297 8,908 4

Sebring,FL 100,566 279 6,704 8 252 7,183 4 18 100,566 215

Port St. Lucie, FL 451,250 1,098 7,398 9 432 18,802 91 666 12,196 5

Cape Coral/ Fort Myers FL 666,029 1,593 7,526 10 738 16,245 57 855 14,022 7

Vineland/ Bridgeton NJ 156,574 18 156,574 379 18 156,674 377 NA NA NA

New York/ Newark/ Jersey City 20,182,129 8,019 45,302 356 3,717 97,734 372 4,302 84,444 168

LA/ Long Beach/ Anaheim 13,287,932 2,835 84,368 376 1,827 130,916 374 1,008 237,285 343

Chicago/ Naperville/ Elgin 9,574,595 5,913 29,146 283 4,068 42,365 275 1,845 93,411 198

Phoenix/Mesa/ Scottsdale 4,470,538 4,014 20,047 166 3,123 25,767 151 891 90,314 191

PROPERTY NAME

DBA

CBCworldwide.com

GOLF MARKET OVERVIEW


BENCHMARK

Source: NGF

Source: National Golf Foundation

PROPERTY NAME

DBA

CBCworldwide.com

MARKET OVERVIEW


BENCHMARK

According to the most recentreport published by the NationalGolf Foundation, their survey of30,000 Americans showed a slightdecline in the number of golfers,age 6+, from 24.1 in 2015 to 23.8million in 2016.

About 80 percent of all golfers,nearly 20 million of the total, makeup a committed base who accountfor more than 90 percent of allrounds played and equipmentpurchased. The number of avidand recreational golfers increasedin 2016 versus 2015, as reported bythe National Rounds PlayedCoalition (NGF, Golf Datatech, PGAof America and NGCOA).

Course openings remain at theirlowest level in decades. Closingsare still taking place.

Some increases on a course-by-course basis will be due toretirement by baby boomers ( 80+million, U.S. Census, 2010). In thelast census The Boomers’demographic age bracket grew ata rate of 31%. The populationaged 65 and over in the 2010Census also grew at a faster rate(15.1%) than the population underage 45.

More than half of the golfers areover the age of 35, and 36.5percent are over the age of 50.

The good news is that there are6.2 million golfers between 18 &34. They comprise the largestsegment of of golfers.

PROPERTY NAME

DBA

CBCworldwide.com

GOLF MARKET OVERVIEW: INVESTMENT VALUE


BENCHMARK

PROPERTY NAME

DBA

CBCworldwide.com

CONTACT INFORMATION


BENCHMARK

For more information, please contact:

Kathy Bissell, VP Golf Course SalesColdwell Banker Commercial Benchmark904-285-5465904-233-7553 ©[email protected]

PROPERTY NAME

DBA

CBCworldwide.com

CONFIDENTIALITY STATEMENT

This offering has been prepared solely for informational purposes. It is designed to assist a potentialinvestor in determining whether it wishes to proceed with an in-depth investigation of the subjectproperty. While the information contained herein is from sources deemed reliable, it has not beenindependently verified by the Coldwell Banker Commercial affiliate or by the Seller.

The projections and pro forma budget contained herein represent best estimates on assumptionsconsidered reasonable under the circumstances. No representations or warranties, expressed orimplied, are made that actual results will conform to such projections.

This document is provided subject to errors, omissions and changes in the information and issubject to modification or withdrawal. The contents herein are confidential and are not to bereproduced without the express written consent.

Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITHALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE.Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonableopportunity to inspect and investigate the Property and all improvements thereon, eitherindependently or through agents of the buyer’s choosing.

The Seller reserves the right to withdraw the Property being marketed at any time without notice, toreject all offers, and to accept any offer without regard to the relative price and terms of any otheroffer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii)incorporated in a formal written contract of purchase and sale to be prepared by the Seller andexecuted by both parties; and (iii) approved by Seller and such other parties who may have aninterest in the Property. Neither the prospective buyer nor Seller shall be bound until execution ofthe contract of purchase and sale, which contract shall supersede prior discussions and writingsand shall constitute the sole agreement of the parties.

Prospective buyers shall be responsible for their costs and expenses of investigating the Propertyand all other expenses, professional or otherwise, incurred by them.


BENCHMARK

The information herein contained has been obtained from sources believed reliable. While we do notdoubt its accuracy, Coldwell Banker Commercial makes no warranty or representation as to its accuracyand completeness. The information contained herein is therefore possibly subject to errors, omission andcommission. Any prospective purchaser should conduct a careful and independent investigation of theproperty to determine to its satisfaction the suitability of the property to its investment needs. For tax orlegal advice, one should consult a Certified Public Accountant or attorney.

PROPERTY NAME

DBA


BENCHMARK

CONFIDENTIALITY

This confidentiality Agreement will confirm our mutual understanding in connection with Coldwell BankerCommercial Benchmark Golf Course Sales providing, and your receipt of information regarding, Black ForestGolf Course, Gaylord, MI, referred herein as (The “Company”).1. “Information” means all oral or written data, reports, records or materials obtained from us or theCompany, including the name, address and type of business of the Company, the knowledge that theCompany may be considering a sale, or even the fact that information is being provided.2. Information is being furnished solely in connection with your consideration of the acquisition of theCompany and shall be treated as “secret” and confidential, and no portion of it shall be disclosed to others,except to your employees and agents whose knowledge of the information is required to evaluate theCompany as a potential acquisition and who shall assume the same obligations as you under this Agreement.The undersigned hereby assumes full responsibility for the compliance of such employees or agents to theterms of this Agreement. The undersigned further agrees that it will not interfere with any business of theCompany through the use of any information or knowledge acquired under this Agreement.3. It is understood that the Company is the intended party and beneficiary whose rights are beingprotected and may enforce the terms of this Confidentiality Agreement as if it were a party to the Agreement.4. All information shall be promptly returned or destroyed, as directed by Coldwell Banker CommercialBenchmark.5. It is understood that (a) no representation or warranties are being made as to the completeness oraccuracy of any information and (b) any and all representation and warranties shall be made solely by theCompany in a signed acquisition agreement or purchase contract and then be subject to the provisions thereof.6. The undersigned acknowledges the responsibility to perform a due diligence review at his own costand expense prior to any acquisition.7 The undersigned agrees not to circumvent Coldwell Banker Commercial Benchmark in transactionsinvolving the company for a period of two years from the date of signature on this document.8. In the event the undersigned or any of our affiliated or subsidiaries purchase the property, Coldwellwill look to the Seller for commission. I/we agree to insert into any agreement to purchase or joint venture acommission of 4% per cent of the sale price into the purchase and sale agreement, to be paid to Coldwell atclosing. The total purchase price shall include any new or purchase money mortgages, assumed mortgages,leases, joint ventures and “taken subject to” mortgages. Said commission shall be due and payable at closingand transfer of title.9. The laws of the State of Florida shall govern this agreement.

Signature ____________________________________ Date________________________________

Name of Individual______________________________Title________________________________

Company:____________________________________ Email:______________________________

Address_____________________________________ Telephone____________________________

City, Sate, Zip__________________________________Fax__________________________________

Sign scan and email: [email protected] Fax to 904-281-0998 Attn: Kathy Bissell

BLACK FOREST GOLF CLUB & DEVELOPMENT LAND · Top 20 Public Courses in Michigan – Golf Magazine,...

Documents

Transcript of BLACK FOREST GOLF CLUB & DEVELOPMENT LAND · Top 20 Public Courses in Michigan – Golf Magazine,...