The Majors

Palm Bay, Fla.
Buyer: Fore Golf Associates
Seller: Town Center Partners / Bayside Lakes Development Corp.
Price: $3.45 million

Built in 1999, this 204-acre, semi-private facility features a 7,300-yard, Arnold Palmer signature golf course as well as a natural-grass driving range, restaurant, bar and pro shop. Bayside Lakes Development Corp. initially built the course to aid the sale of homes in the surrounding community of the same name. Bayside followed through on their intention to turn the course over to an experienced operator upon sellout of the residential units. The deal was financed by Capmark Financial Group. The purchase price of $3.45 million yielded a reported cap rate in the 5 percent range based on the course's performance during the 12 months preceding the sale.   

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