$5.6M Per Acre for Land Parcel in Newport CenterCost One of Highest Per Acre For Homes in Years Saturday, May 11, 2013
The golf course, which has a par-71, 6,902-yard layout, cost a reported $8 million to build, with the clubhouse costing another $12 million.
Brokerage data says the property sold for about $20 million.
Membership at Dove Canyon had been running around $25,000 during the recession; a more recent membership price hasn’t been disclosed.
Pacific Links said it will provide Dove Canyon club members access to more than 60 other clubs around the world, including locations in Nevada and Hawaii.
The Orange County office of Houston-based commercial real estate firm PM Realty Group is growing its local commercial brokerage operations and has hired some well-known brokers to help with the expansion.
PMRG recently added Tim Joyce and Oliver Fleener, named senior vice president, to its Irvine office. Joining them is senior associate John Joyce.
Fleener and Tim Joyce, who was named senior vice president and director of capital markets, had similar roles at Grubb & Ellis Co.’s Newport Beach office.
The two most recently worked for the Newport Beach office of CLW Real Estate Services Group, which fellow brokerage Cassidy Turley bought near the start of the year.
They recently worked on the $40 million sale of the 256,000-square-foot Warner Gateway office complex in Woodland Hills, which was bought by Thrifty Oil Co., a Santa Fe Springs-based investor whose recent buys also include properties in Anaheim.
They’ll join Jim Proehl, PMRG’s executive managing director for OC, in growing the company’s line of services in consulting and tenant representation, as well as capital markets, corporate services, and landlord agency, PM Realty said.
Page 2 of 2