LAS VEGAS--(BUSINESS WIRE)--The New Orleans Firefighters Pension & Relief Fund has engaged the team of Keith Cubba, Director of Colliers Golf Course Advisory Services, and Ken Arimitsu, Golf and Resort Services Group at PM Realty Houston, as exclusive brokers for the sale of Falconhead Golf Club in Austin, Texas, and Lakewood Golf Club in New Orleans, Louisiana.
The Fund is aggressively repositioning its investment portfolio with a focus towards traditional, conventional investment assets. “The pension fund never intended to include Falconhead Golf Club as a part of their investment portfolio. Fund investment was in the interest received from the second trust deed they held on the property, and the course fell into their hands through a series of unforeseen events, basically becoming REO for the Fund’s position as lender,” said broker Keith Cubba. Cubba went on to say, “Falconhead Golf Club is a top course in a very attractive Austin golf course market. It’s an exceptional asset. While we won’t be taking it to market for a few weeks, interest from qualified buyers is already very high.”
The Fund’s path to ownership with Lakewood Golf Club in New Orleans was a little different. On the heels of an extremely successful California golf re-development investment, the pension fund partnered with the same developer on Lakewood Golf Club, just outside of downtown New Orleans. “I know the California project well, and it’s a home run, easy to understand the appeal of parlaying that success into a re-development project that’s in the Fund’s own backyard. Unfortunately, Katrina derailed Lakewood’s restoration just enough to bump the project up against the real estate crash,” said broker Ken Arimitsu. Lakewood Golf Club is part of a larger development project that includes 8 parcels totaling 178 acres. The Golf Course is being sold separately from the development pieces, but the course brokers are also handling the sale of the raw land. Buyers interested in the golf course with the additional parcels will be encouraged to structure initial offers as they see fit.
Keith Cubba of Colliers serves as the primary contact for the offerings.
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