Power Ranch Golf Club in Gilbert and two other golf courses have been sold in a $57 million deal.
New Jersey-based Walden Group bought the Mesa course late last month in a package deal that also included Dove Valley Ranch Golf Club in Cave Creek and Longbow Golf Club in Mesa, according to commercial real estate tracker vizzda.com
Built in 1997 at Higley and McDowell roads on just under 162 acres, the 18-hole Longbow property also includes a 2,996-square-foot clubhouse and a 5,000-square-foot service repair garage that were renovated 2003). SF per assessor.
It also is part of a 330-acre mixed-use development.
Longbow Golf Club also commanded the largest share of the overall sale with Power Ranch cost $17.1 million and Dove Valley Ranch $16.4 million, according to vizzda.
As part of the deal, Walden Group picked Thompson Golf Management to continue leading operations at all three facilities under a multi-year management agreement.
That company is related to the seller, Thompson Golf Group.
The transaction represents a strategic step forward for both organizations, according to a release.
“For Thompson Golf Group, the sale reflects the successful evolution of years of investment, operational excellence, and brand building across three of Arizona’s most respected daily-fee golf properties,” it said.
“For The Walden Group, the acquisition further strengthens its presence in Arizona through the addition of three established clubs in the Greater Phoenix area.”
“We’re incredibly proud of what these clubs have become and the teams that have helped shape them,” said Ryan Thompson, CEO of Thompson Golf Group and Thompson Golf Management. “We’re excited to partner with The Walden Group in this next chapter and continue leading operations at three clubs we know exceptionally well.”
The release noted that collectively, the three courses “have become staples of Arizona’s public golf landscape, known for their strong community ties, quality golf and hospitality experiences.”
Founded by Steven Schorr, The Walden Group has expanded its golf portfolio through a disciplined acquisition strategy focused on premier golf properties with strong operational fundamentals and long-term growth potential.
“We are excited to welcome these outstanding Arizona clubs into our growing portfolio,” said Schorr, calling them “exceptional clubs supported by talented teams and loyal guests.”
Thompson Golf Group is a multi-state golf ownership and management company with properties in Minnesota, Arizona, and Texas.
The Walden Group is a private real estate investment and operating company founded in 1993 with a diversified portfolio spanning real estate and an expanding collection of golf properties across the United States.