The brand new proprietor of the 2 golf programs, clubhouse and related constructions at 11295 Quail Hole Drive is Sculptor Capital Management (NYSE: SCU), which closed the acquisition Aug. 20 utilizing the identify Quail Hole Proprietor LLC, in accordance with on-line Lake County actual property data.
“This transaction is not going to influence the day-to-day membership operations, workers, members or their advantages,” ClubCorp spokeswoman Meg Tollison wrote in an electronic mail. The corporate continues to personal and function Firestone Nation Membership in Akron.
The huge operator of nation membership and related membership operations didn’t say why it selected to promote the Harmony Township property, however its web site reveals it has performed related transactions the previous few years.
Firms prize sale leaseback offers as a result of they permit them to keep up an operation, corresponding to a fast-food or different restaurant, and free capital from the actual property for different makes use of.
Lake County land data present the switch included 305 acres, the nation membership, pool and health heart. The county assigns it a market worth of $9.6 million for property tax functions.
Sculptor buys and operates actual property with funds raised from institutional buyers corresponding to household places of work, pension funds and sovereign funds. The corporate consists of golf programs amongst different business actual property investments totaling $30 billion.
Sculptor was often known as Och-Ziff Capital Administration Group till Sept. 12, 2019. Over time, Och-Ziff has purchased and offered different properties in Northeast Ohio.
ClubCorp constructed the clubhouse serving the golf course in 2006. The course is 30 miles from Public Sq. in Cleveland. It’s individually owned from the adjoining Quail Hole Resort.