The Joppa, Md., club was sold for an undisclosed amount in a deal that closed August 31. The two buyers look to revive the course’s “storied heritage,” and infuse their knowledge of food and beverage.
Mountain Branch Golf Club in Joppa, Md., was sold for an undisclosed amount to two restaurant entrepreneurs, the Baltimore Business Journal reported.
Marcus & Millichap Real Estate Investment Services said the course was sold to Konstantinos Vasilakopoulos and Joseph Miklasz, who look to revive the course’s “storied heritage.” The sale closed August 31, the Journal reported.
“Bill and Joe were the right buyers for this property because of the high concentration of food-and-beverage business, which many golf operators were uncomfortable with,” said Steven Ekovich, the lead agent on the deal and director of Marcus & Millichap’s National Golf & Resort Group.
The real estate company did not disclose the course’s previous owner, only saying that it was a Pennsylvania financial institution, the Journal reported.
Previous reports list Horsham, Pa.-based Capmark Financial Group as Mountain Branch’s owner. Sequoia Golf, a golf course management company, issued a news release in January 2011, saying it had been hired by Capmark to run Mountain Branch and nine other golf courses, the Journal reported.
Capmark filed for bankruptcy in 2009 and emerged from bankruptcy last year, when it was ordered to liquidate its portfolio. Ekovich said Mountain Branch is the 19th golf course sold by his group in the past 19 months; another 10 are under contract, including five in Florida, the Journal reported.