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Threesome of local golf courses on the market

Michael Schwartz April 18, 2017 0

Traditional bought the Royal New Kent course in 2001 for $5 million. (Hilda Allen Real Estate)

Traditional bought the Royal New Kent course in 2001 for $5 million. (Hilda Allen Real Estate)

A portfolio of golf courses between Richmond and Williamsburg is up for grabs.

Traditional Golf Properties has listed for sale Royal New Kent Golf Club and the Brickshire Golf Club in New Kent County, and the Golf Club at Stonehouse in Toano. The semi-private clubs hit the market last week for an undisclosed asking price.

The properties are being marketed together as a threesome, but the seller also is willing to sell them individually, said Hilda Allen, whose brokerage firm Hilda W. Allen Real Estate has the listings.

Paul Mauk, president of Traditional Golf, said the listings were prompted by two factors.

“It’s partly just due to the length of ownership and partly to refocus in other markets where we have a larger presence,” Mauk said.

The company has owned Royal New Kent and Stonehouse since 2001. It paid $5 million for each course that year, according to county real estate records. It has owned Brickshire since 2010, paying $425,000 for the course.

Mauk said the company aims to focus more on its courses in other markets, particularly in Charlotte and Raleigh. Half of Traditional’s 18 courses are around those two regions.

“That’s really where we want to be able to focus our time,” Mauk said.

He would not share how many rounds were played at the three clubs last year. He said the courses draw golfers from Richmond and Hampton Roads. He said Brickshire and Royal New Kent seem to get more Richmonders, and Stonehouse draws more from Williamsburg and the Peninsula.

Traditional bought Brickshire in 2010 for $425,000. (Hilda Allen Real Estate)

Traditional bought Brickshire in 2010 for $425,000. (Hilda Allen Real Estate)

Allen said the courses’ proximity to one another offers a single buyer a chance to control the golf market in that part of the state. Brickshire and Royal New Kent abut one another. Stonehouse sits about 20 minutes east from there.

“This is a very good opportunity for somebody to own and control a market,” Allen said.

Allen said she’s also listed King Carter Golf Club on the Northern Neck. The Irvington course has been owned for several years by Union Bank & Trust, which took the property back from a borrower. In addition to the golf course, the listing includes 91 finished lots and extra developable land.

Should the Traditional courses find a buyer, it would be the first local golf course sale since The Crossings in Henrico County was sold to a local buyer last summer for $1.75 million.

At least two other local courses have been fielding offers in recent months. River’s Bend and Royal Virginian both had been under contract to a buyer out of Charlottesville, but the status of the deals could not be confirmed by press time.

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