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| Red Tail Mountain Golf Club, Northeastern Tennessee |
ATLANTA, GA – Bull Realty has brokered the $2.7 million sale
of the Red Tail Mountain Golf Club and Community, a foreclosed 617-acre
property in unincorporated Johnson County in northeastern Tennessee.
Rob Whitmire, a Bull Realty partner and senior vice
president with the firm’s Special Asset Services division, represented the
lender/seller, Red Tail Development LLC, in the transaction.
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| Rob Whitmire |
Bull Realty was
engaged to market the property for the lender and secured a Canadian buyer. The
purchaser, Red Tail Mountain Properties, is an entity controlled by a private
equity investor in Canada.
The property
includes an operating 175-acre, 18-hole championship golf course, 120 developed
residential lots and approximately 300 acres reserved for future development.
The site also features an 18,000-square-foot, full-service
golf clubhouse that includes a pro shop, offices, dining and banquet areas, a
fitness center and cart storage.
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| Michael Bull |
Located in the Blue
Ridge Mountains near the North Carolina border, Red Tail is a two- to
three-hour drive from several sizeable cities, including Asheville, N.C.;
Charlotte, N.C.; Knoxville, Tenn.; and Winston Salem, N.C.
“As both the housing
market and commercial real estate sector are seeing improved market conditions,
banks and other lenders are in a much better position to offload bad debt and
OREO properties,” said Michael Bull, Bull Realty president and host of
the “Commercial Real Estate Show” radio program. “Lenders properly marketing
properties are seeing improved recoveries for land and commercial properties.”
For a complete
copy of the company’s news release, please contact
M.C. Rhodes
The Wilbert Group
404-965-5024
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