Plum Creek Golf Club GOLF COURSE WITH DEVELOPED ACREAGE CASTLE ROCK, COLORADO PLEASE CONTACT Mike Kboudi Senior Managing Director + 33 3 6 mike.kboudi@cushwake.com Jim Capecelatro Senior Managing Director + 33 3 9 jim.capecelatro@cushwake.com Lawrence Street, Suite Denver, Colorado 8 T + 33 9 3 F + 33 3 8 cushmanwakefield.com
CONFIDENTIALITY AND CONDITIONS Cushman & Wakefield ( Broker ) has been exclusively retained by the owner (the Owner ) of the Plum Creek Golf Club in Castle Rock, Douglas County, Colorado, (the Property ) to offer the Property for sale. The undersigned ( Recipient ) hereby acknowledges and agrees that certain confidential and/or proprietary information (the Confidential Information, ) regarding the Property has been, or may be in the future, disclosed to Recipient by Broker or Owner in connection therewith and is intended solely for Recipient s own limited use in considering whether to pursue negotiations to acquire the Property. Confidential Information shall include all analyses, files, instruments, notes, reports, studies or other documents (whether in electronic or physical form) received by Recipient from Broker and/or Owner or prepared by Recipient that contain, reflect, or are based upon the information regarding the Property furnished to Recipient, as well as oral or written information, whether disclosed before or after the date hereof. In consideration of Recipient being furnished with the Confidential Information, Recipient agrees as follows. Recipient agrees that the Confidential Information is confidential and that Recipient will hold and treat it in the strictest of confidence. If Recipient is a corporation, partnership, limited liability company, investment trust, or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Confidential Information only to those persons within the entity who need to know the Confidential Information, and who are specifically aware of this Agreement and agree to be bound by it. Recipient will not, directly or indirectly, disclose or permit anyone else to disclose the Confidential Information to any other person, firm or entity without prior written authorization of Owner or Broker, except that Recipient may disclose the Confidential Information to its employees, agents and representatives who need to know such information for the sole purpose of assisting Recipient with its potential purchase of the Property, and who agree to keep the Confidential Information confidential. Recipient will be responsible for a breach hereof any parties to whom it discloses the Confidential Information. Recipient will not use, or permit to be used, the Confidential Information in any fashion other than for the sole purpose of potentially purchasing the Property. While Owner and/or Broker may discuss the purchase and sale of the Property with Recipient, Owner or Broker in its sole and absolute discretion, may terminate discussions at any time and for any reason. Recipient acknowledges Owner has no obligation to discuss or agree to the sale of any of the Property. Unless and until a subsequent definitive written agreement regarding a transaction between the Owner and Recipient has been executed, Owner will not be under any legal obligation of any kind whatsoever to negotiate or consummate a purchase with Recipient, and Recipient shall have no claim whatsoever against the Owner or any of Owner s respective directors, officers, owners, members, affiliates or representatives arising out of, or relating to, any transaction regarding the Property. This Agreement binds the parties only with respect to the confidentiality and other matters expressly set forth herein. Recipient understands that all Confidential Information shall be deemed confidential, valuable, and proprietary such that any breach of this Agreement may cause immediate and irreparable harm to Owner, for which monetary damages would be inadequate or difficult to ascertain. Recipient therefore agrees that upon the existence of any such breach or threatened breach, Owner may immediately obtain a temporary restraining order or other appropriate form of equitable relief in addition to any other rights or remedies available to it. In the event of litigation for a breach hereof by Recipient, Owner shall be entitled to a recovery of its reasonable legal fees and costs incurred in connection with such litigation, including any appeal therefrom, in addition to all other remedies available to it. Owner reserves the right in its sole discretion to reject any and all proposals for the Property and to terminate discussions with any party at any time with or without notice. Owner or Broker reserves the right to change the price, or any information provided or to withdraw the Property from the market at any time without notice or liability. Neither Owner nor Broker or any of their owners, affiliates, officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of the Confidential Information and no legal liability is assumed or shall be implied with respect thereto. Recipient is advised to, and agrees that it shall, verify all information provided by Broker and/or Owner independently. All requests for information and other communication with respect to the potential purchase of the Property or the information herein shall be directly solely to Broker on behalf of Owner. In the event that Recipient or its representatives are requested or required by judicial, legislative, or regulatory process to disclose any Confidential Information, Recipient will provide Broker or Owner with prompt notice of any such request or requirement so that the Owner may seek a protective order or other appropriate remedy. Recipient may disclose only that portion of the Confidential Information which is legally required. PLUM CREEK GOLF CLUB
THE OPPORTUNITY PROPERTY OVERVIEW 6 MARKET INFORMATION 3 TOWN OF CASTLE ROCK PLUM CREEK GOLF CLUB 3
THE OPPORTUNITY PROPERTY DESCRIPTION Location SEC of Plum Creek Parkway and South Plum Creek Boulevard, Town of Castle Rock, Douglas County, Colorado Price $6,, Improvements Utilities Site Size Zoning Tax Rate ±38, SF Clubhouse including dining, locker room and pro shop facilities; outdoor pool with change room facilities, and two () outdoor tennis courts Water and Sewer: Town of Castle Rock Electricity: IREA Gas: Black Hills ± Acres, M/L Commercial / PUD 6.88 Mills THE OPPORTUNITY SW Greens Plum Creek LLC is seeking a buyer for the ± acre site that is home to the former Tournament Players Club (TPC) at Plum Creek Golf Club in the Town of Castle Rock, Colorado Plum Creek Golf Club is an 8-hole, championship golf course designed by world renowned architect Pete Dye The grounds include a multi-story ±38, square foot clubhouse, pool and tennis court facilities constructed in 983-98 The course has some of the only bent grass fairways in Colorado and was home to the Denver Champions of Golf tournament in 98-98 The site is nestled into the rolling landscape of Plum Creek neighborhood with great Western views Unique opportunity to purchase existing recreational property with future redevelopment potential CASTLE ROCK Seller will consider leaseback of golf operations PLUM CREEK GOLF CLUB
Source: Castle Rock Economic Development Douglas County grew 9 percent between 99 and making it the fastest growing county in the U.S. in the decade.
PROPERTY OVERVIEW Plum Creek Golf Club is a diamond in the rough golf course nestled in the foothills of the Colorado Rocky Mountains. Located in Castle Rock, the course has excellent views of the Rockies and the iconic rock formation that Castle Rock is named after. Plum Creek Golf Club is an 8-hole, daily fee golf club that opened in 98. Originally designed by famed architect Pete Dye as a Tournament Players Course, the club hosted Denver s Senior PGA Tour event for four years when opened. The challenging course, measuring over, yards, is a predominantly single fairway layout with returning nines that meanders through the Plum Creek master planned community. The total property is situated on approximately acres. The improvements include a driving range, short game practice area, practice putting green, a ±38, square foot clubhouse with the Chophouse Restaurant, separate bar and grill, pro shop and banquet space that seats up to comfortably. Plum Creek Golf Club is a favorite of Castle Rock locals who claim that the final three holes are some of the most challenging in the state. The dramatic elevation changes provide spectacular views of the nearby mountains. The Plum Creek Golf Club layout features railroad ties surrounding the greens, a signature of Pete Dye s designs. The strategically placed bunkers and water hazards throughout the course provide an extraordinary test of golf. Unique to Pete Dye s creations, the surrounding native at Plum Creek adds color and texture that dramatically contrast with the manicured bent grass fairways and greens. The four sets of tees gives every golfer the chance to play from their ideal yardage while still enjoying all the course has to offer. The current owner has been operating the club since taking ownership from the previous lender. He has worked to overcome some years of neglect while enhancing the golf and clubhouse experiences for members and daily fee guests. He opened the Chophouse upscale dining venue, and re-opened the bar and grill in his first year of operation. The wedding and event venue is one of few large event centers in the area and remains under utilized. PLUM CREEK GOLF CLUB 6
PROPERTY OVERVIEW PLUM CREEK GOLF CLUB
PROPERTY OVERVIEW The club can enhance its operating performance through revenue enhancement and an emphasis on operations versus facility recovery. Additional financial information is available upon request. 6 YTD (January-September) Rounds,36 3,8 Total Gross Revenue $,3,36 $8. $,836,8 $9. Cost of Goods Sold ($,8) 9.% ($33,69).8% Net Revenue $,89,3 8.9% $,,893 8.9% Departmental Expenses ($,8,) 9.8% ($,6,6) 9.8% Net Income $39,33 $66,833 PLUM CREEK GOLF CLUB 8
PROPERTY OVERVIEW DEVELOPABLE LAND: LOT PLAN OPTION PLUM CREEK GOLF CLUB 9
PROPERTY OVERVIEW DEVELOPABLE LAND: LOT PLAN OPTION PLUM CREEK GOLF CLUB
With an expected annual growth rate of about 6 percent per year, it is estimated that the town population will reach, in 6. Source: Castle Rock Economic Development PLUM CREEK GOLF CLUB
N 6 PROPERTY OVERVIEW SURROUNDING GOLF COURSES INTERSTATE 3 DOWNTOWN CASTLE ROCK GOLF COURSES Red Hawk Ridge Golf Course Castle Pines Golf Club 3 The Club at Pradera The Pinery Country Club INTERSTATE The Ridge at Castle Pines North 6 Sanctuary Golf Course Bear Dance Golf Course 8 Perry Park Country Club 8 PLUM CREEK GOLF CLUB
MARKET INFORMATION Quarterly Activity & Inventory Quarterly Activity &Report Inventory Report Single Family Detached Plum Creek-Single Family Detached Quarterly Activity and Inventory Plum Creek-Single Family Detached Sorted By Subdivision Subdivision Name (Map No) Price Range Sub Area Lot Size Status Ann. Rates/ Q 3Q Q Q6 Q6 3Q6 Q6 Q Q *Inv. Supply Active Builders Plum Creek () $38-$ BO Q6.. 3 9 8 Plum Creek / Augusta (8) $-$6 6' Act Q Castleton Custom Homes/Environmental Homes of Colorado 3 6 9 9 3 6 3 9 8 6 3. mos. mos Plum Creek / Diamond () $-$6 6' Lokal Homes, LLC Act Q 8 9 3 8 6 3 8 8 9 8 6 8 8 9 9. mos.8 mos Plum Creek / Fairvie () $38-$6 ' Richmond American Homes Act Q6 8 3 8 3 6 3 9 9.6 mos.3 mos Plum Creek / Fairway () $-$ ' Act Q8 Ridgeline Custom Homes/Western Eagle Developers. n/a Plum Creek / Highlan (3) $3-$9 6'-8' BO 3Q9.. Plum Creek / Outlook () $6-$9 6' BO Q 3.. Plum Creek / Peninsu (8) $3-$3 ' BO Q.. 9 3 6 3 3 6 3 38 83 9 8 6 6 8 9' Selection Totals. mos 3.9 mos CO Douglas Co. Castle Rock (Q) Copyright Metrostudy PLUM CREEK GOLF CLUB 3
MARKET INFORMATION Historical Housing Activity Summary Single Family Detached Qtr Qtr Ann Total Qtr Ann Clos Clos Model FinVac UC Total Inv Supply VDL VDL Supply Fut Lots Ann Lot Deliv Q3 8 8. 3 6 3. 39 3Q3 8 9. 6 99. Q3 3 3.8 33 8 3.6 Q 9.8 39 6 3. Q 9 8 8 38. 6 9. 9 3Q 6 3 39.6 3 6.9 9 Q 6 9 3 9. 6 6 6.8 9 Q 6 3.9 3 6 3.6 9 Q 9 6. 3. 9 3Q. 3 3. 9 Q 6 3 6. 3 3.6 9 Q6 3 9. 3 3 8. 66 Q6 3 3 6 8.9. 9 3Q6 3 3 38 6.9 83.9 6 Q6 3 6 9 6.8 6 8.6 6 Q 6 6. 6 6 8. 6 Q 8 9 39. 3.9 6-3 -3 - -3 3 36 3 3 8 6 88 88 6 3 PLUM CREEK GOLF CLUB
MARKET INFORMATION Quarterly Activity and Inventory Quarterly Activity & Inventory Quarterly ActivityReport & Inventory Report Attached Product Plum Creek-Attached Product Plum Creek-Attached Product Sorted By Subdivision Subdivision Name (Map No) Price Range Sub Area Lot Size Status Ann. Rates/ Q 3Q Q Q6 Q6 3Q6 Q6 Q Q *Inv. Supply Active Builders Plum Creek / Compass (6) $-$ ' Century Communities Future.. Plum Creek / Ridge ( () $-$ ' Plum Creek Associates, LLC Future.. Plum Creek / Sawgras () $6-$3 ' BO Q.. Plum Creek / Sawgras () $-$66 ' BO Q6.... Selection Totals CO Douglas Co. Castle Rock (Q) Copyright Metrostudy PLUM CREEK GOLF CLUB
MARKET INFORMATION Historical Housing Activity Summary Attached Product Qtr Qtr Ann Total Qtr Ann Clos Clos Model FinVac UC Total Inv Supply VDL VDL Supply Fut Lots Ann Lot Deliv Q3.. 9 3Q3.. Q3.. Q.. Q.. 3Q.. Q.. Q.. Q.. 3Q.. Q.. Q6.. Q6.. 3Q6.. Q6.. Q.. Q.. PLUM CREEK GOLF CLUB 6
TOWN OF CASTLE ROCK While just outside the Denver metro area, Castle Rock has its own historic downtown and economic vibrancy. Its affluent population creates a stable demand for convenient goods and services and a ready source of skilled workers. The town has a broad spectrum of office parks, retail centers and commercial properties, while still offering development opportunities in order to meet future needs as Castle Rock s business community grows. One of the fastest growing communities in the nation with a population of more than,, Castle Rock is experiencing a steady growth in national retail chains, restaurants and hotels to better serve tourists and residents alike. Castle Rock s close proximity to these urban centers, clean environment, natural beauty of the Colorado foothills and its accessibility to a wide range of recreational amenities make our town an attractive residential community. Downtown Denver: 3 miles north, minute drive Denver Tech Center: miles north, minute drive Colorado Springs: 3 miles south, 3 minute drive Denver International Airport: miles northeast, minute drive Colorado Springs Municipal Airport: miles south, minute drive Centennial Airport (general aviation): 9 miles north, minute drive Castle Rock enjoys a robust real estate market. As the county seat, Castle Rock boasts a quality of life that is hard to come by for many other metropolitan communities. Scattered with sprawling new residential developments and surrounded by rolling hills, it s an idyllic setting for those who want to raise a family outside the city and enjoy the beautiful Colorado landscape. Douglas County School District is the third largest school district in Colorado and 9th largest in the nation. DCSD has one of the highest graduation rates in the Denver Metro Area. Students in this district continue to outpace the state average on the Colorado Student Assessment Program (CSAP). Results show Douglas County continues to exceed state averages in every grade and in every subject tested, topping metro area schools in out of 6 tests. Castle Rock residents enjoy a wonderful quality of life. They have spectacular views of the Front Range and the unique vistas of the buttes and open space surrounding the town. They have quick and easy access to some of the best recreational opportunities available in the country. Their children excel in top quality schools, play in safe neighborhood parks and enjoy the friendliness of our small town charm. Businesses are drawn by a labor force that is highly skilled, educated and experienced and by the proximity to the State s two major markets, Denver and Colorado Springs. Source: www.livecastlerock.org and Castle Rock Chamber of Commerce PLUM CREEK GOLF CLUB