With continued improvements in the commercial real estate markets, auctions no longer are just for distressed and bank-owned properties. To underscore that point, Auctions by ATG‘s next auction on February 13, 2015 features two golf courses and a former brewery.
Property highlights include: Oak Club of Genoa, Genoa, IL—Designed by renowned golf course architect Charles Maddox, this 18 hole course features rolling topography, strategically placed hazards, and the Kishwaukee River winding through it. The complex is equipped with a pro shop, snack bar and banquet facility.
The Oak Club of Genoa has been one of Chicagoland’s best kept secrets for over 40 years. It has received a number of acclamations including being named one of the “Top 25 courses in the Chicagoland” by the CDGA, which ranked it amount such top-rated courses like Rich Harvest Farms, Medinah Country Club, Olympia Fields, and Bull Valley Golf Club. The course went through a major renovation on the back 9 in 2006 which included adding a driving range to the facility.
The opening bid is $975,000 and the sale is subject to meeting an unpublished reserve. More information about the golf course can be found at their official website.
“Through its accelerated marketing effort, an auction can draw greater attention and attract a larger marketing base,” said Mary Fran Gill, General Manager of Auctions by ATG. “This can be particularly helpful when auctioning more unique properties like golf courses and breweries where it can be more challenging to assign market values. Through the auction process, the market response speaks to the value of the property.
Chestnut Hills Golf Course, Arcadia, MI—this 18-hole golf course sits on 176 acres of land and offers diverse potential either to remain as an operating golf course or to use the land for commercial and/or residential development potential. The property includes a pro-shop licensed to sell beer and wine. A full equipment list is available, upon request.
The opening bid is $250,000 and the sale is subject to meeting an unpublished reserve. More information about the golf course can be found at their official website.
South Bend Brewing Association Building, South Bend, IN—this property, rumored to once have been a hideout for Al Capone, is a four-story, approximately 30,000-square-foot commercial building. Located at 1632-1636 Lincolnway West in South Bend, IN, approximately one mile from the Notre Dame campus, the building is zoned for commercial uses and is a registered historic landmark. The property also includes a 32-space parking lot.
“The building has great potential for a variety of uses for a buyer with vision to transform this historic structure into a vibrant commercial operation,” said Kyle Payne, business development representative of Auctions by ATG. “An owner could use the original layout, and even some old equipment, to create a micro brewing operation along with a restaurant and bar. The opportunities are endless.”
In its heyday, the South Bend Brewing Association annually produced 50,000 barrels of beer. The beer was distributed primarily in Indiana and Southern Michigan. During Prohibition, the focus changed to non-alcoholic beverage production, like Hoosier Cream Soda, as well as ice making, and accordingly the name was changed to South Bend Beverage and Ice Association. In 1950, with production down to half of its capacity, the brewery closed. The opening bid is $120,000.