The multiple transactions apparently include Lubert-Adler’s remaining local real estate assets, once developed by Bobby Ginn with Lubert-Adler as a financial partner.
PALM COAST, FL – January 4, 2020 – Arguably the most significant chapter in Flagler County real estate development ends as Lubert-Adler sells its remaining local assets, including the Hammock Beach Resort with its Jack Nicklaus and Tom Watson signature golf courses. The complex deal included two undeveloped but well-positioned commercial properties and closed on December 31. The total value of all recorded transactions is $18.26M. The buyer is Tampa-based KDG Capital, a private equity fund headed by Dr. Kiran Patel.
KDG has engaged Plano, Texas-based Aimbridge Hospitality to manage the resort. Troon Group, the world’s largest golf management company, will manage the two golf courses as part of their worldwide Troon Privé network of courses.
HAMMOCK BEACH CLUB AND GOLF COURSE
CONSERVATORY GOLF COURSE
Hammock Beach Resort was the vision of legendary developer Bobby Ginn, who entered the local real estate scene in the late 1990s. Associated with Lowe Destination Properties, Bobby was responsible for the early development of Grand Haven (before it was sold to Landmar Group}. Bobby had previously worked with Lowe in Charleston, S.C.
Ginn left Lowe and joined Philadelphia-based Lubert-Adler as a financial partner. Together they formed a juggernaut that was involved in developing locally and in Orlando, South Florida, Colorado, Georgia, the Carolinas, New England, and Grand Bahama. The Great Recession took its toll on many of Ginn-LA’s wide-flung projects. Bobby and Lubert-Adler parted with LA as the steward of the remaining assets.
Ginn-LA’s most notable successes remain the Reunion Resort in Kissimmee (sold to Kingwood International Resorts one year ago) and the Hammock Beach Resort. Clearly, Hammock Beach and its surrounding developments were instrumental in Palm Coast and Flagler County becoming the fastest-growing city and fastest-growing county respectively two years in a row.
Hammock Beach Resorts also includes a marina and tennis facilities at Yacht Harbor Village.
YACHT HARBOR VILLAGE MARINA AND TENNIS
The sale includes Jose Park on Route A1A; six parcels totaling 17+ acres with 1,100 feet of frontage on the Intracoastal Waterway. Also part of the sale is three parcels totaling 15 acres fronting both Palm Harbor Pkwy and Pirate National Way (across from Matanzas High School and opposite the main entrance to The Conservatory).
JOSE PARK – UNDEVELOPED LAND
PALM HARBOR PKWY – UNDEVELOPED COMMERCIAL LALND
Other local Ginn-LA properties previously sold by Lubert-Adler are both on John Anderson Hwy; The Gardens and Bulow Shores.