Pages

Tuesday, July 23, 2019

Fort Washington golf club teed up for sale

(Click on the image for the Washington Business Journal report)
"Colliers International is marketing the 127-acre, private golf course in Fort Washington to interested buyers and hopes to drum up interest ahead of an early September online auction to be held by Ten-X Commercial. The brokerage, in marketing materials, touts the Ted Robinson-designed 18-hole golf course and its proximity to MGM National Harbor, about eight miles away, among its selling points. The Ten-X auction is slated to start Sept. 9, with an opening bid of $1 million and bid intervals set at $250,000.
It's the second time in as many years that the site at 300 St. Andrews Drive has been put on the market. Philadelphia-based Golf Property Analysts listed the property for sale in spring 2018 with an asking price of $4 million. The property is owned by an affiliate of Manassas-based Fore Golf Partners, which acquired the site for $5.45 million in 2005.
Keith Cubba, a senior vice president at Colliers who is part of the team marketing the property, said there has been a lot of interest in the property and that the market "is very deep with prospects." While golf courses aren't the typical property listed for Tex-X auctions, National Golf Club is a strong, cash-flowing asset that offers a better return than conventional commercial real estate investments listed on the platform, he said."