COMMERCIAL REAL TRANSACTION ALERT
Newmark Knight Frank (“Newmark”) announces it has arranged the sale of Canyon Crest Country Club in Riverside, California for an undisclosed amount.
Newmark Managing Director Mario J. Alvarez Jr. procured the buyer, Canyon Crest Country Club, Inc. for the seller, ClubCorp, Inc. in an off-market transaction.
“Golf in the last year or so has spiked interest in first time golfers, encouraged existing players to get out on the green more frequently, which in return gave investors a new outlook on acquiring existing private country clubs and public golf courses,” said Alvarez. “Canyon Crest Country Club, Inc. is excited about the future of golf and the vision they have for their country club.”
Located at 975 Country Club Drive, Canyon Crest Country Club was designed in 1968 by a two-time major champion, Olin Dutra. The property sits on 160 acres which include an 18-hole championship golf course, with past champions Tiger Woods and Brandie Burton. The elegant 19,800-square-foot clubhouse features panoramic views of the surrounding mountains, a lake and it’s 50-foot fountain and lush greenery of the fairways. The club also has a member pool and tennis chalet with six full size tennis courts.