Quail Hollow Country Club in Concord Township has a new owner but retains the familiar management after Dallas-based ClubCorp sold the golf property for $9 million.
The new owner of the two golf courses, clubhouse and associated structures at 11295 Quail Hollow Drive is Sculptor Capital Management (NYSE: SCU), which closed the purchase Aug. 20 using the name Quail Hollow Owner LLC, according to online Lake County real estate records.
"This transaction will not impact the day-to-day club operations, employees, members or their benefits," ClubCorp spokeswoman Meg Tollison wrote in an email. The company continues to own and operate Firestone Country Club in Akron.
The massive operator of country club and similar club operations did not say why it chose to sell the Concord Township property, but its website shows it has conducted similar transactions the past few years.
Companies prize sale leaseback deals because they allow them to maintain an operation, such as a fast-food or other restaurant, and free capital from the real estate for other uses.
Lake County land records show the transfer included 305 acres, the country club, pool and fitness center. The county assigns it a market value of $9.6 million for property tax purposes.
Sculptor buys and operates real estate with funds raised from institutional investors such as family offices, pension funds and sovereign funds. The company includes golf courses among other commercial real estate investments totaling $30 billion.
Sculptor was known as Och-Ziff Capital Management Group until Sept. 12, 2019. Over the years, Och-Ziff has bought and sold other properties in Northeast Ohio.
ClubCorp constructed the clubhouse serving the golf course in 2006. The course is 30 miles from Public Square in Cleveland. It is separately owned from the adjoining Quail Hollow Resort.
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August 28, 2020 at 09:20PM
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Quail Hollow golf course sells for $9 million - Crain's Cleveland Business
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