CBRE Tapped To Market 115 Acres Surrounding Golf Course
<![CDATA[CBRE Golf & Resort Properties has been engaged by Bent Pine Golf Club to market 115 acres planned for residential development around the northern portion of the Bent Pine golf course. The club and land are situated on the central coast of Indian River County, one mile west of U.S. Route 1. CBRE’s Jeff Woolson, Chris Wood and Tom Berry are marketing the property on behalf of the seller and offers are due by March 4, 2020.
“The property is anticipated to accommodate more than 250 single family lots,” said Woolson, executive vice president at CBRE. “The highest and best use of the property would be a single-family community similar to the existing residential development that surrounds the Bent Pine golf course.”
“We are excited to work with CBRE in order to monetize the value of the Club’s excess land,” said Don Heeter, Bent Pine Golf Club President. “Proceeds from the transaction will enable the Club to make improvements to the golf course and clubhouse, and consider the addition of new amenities.”Bent Pine Golf Club, which is not part of the offering, is an upscale private members-owned club featuring a championship golf course and a two-story, 23,000 square foot clubhouse, offering casual and fine dining, with panoramic views of the 9th and 18th holes. Bent Pine has proudly hosted six U.S. Open Qualifiers. New homeowners in the Bent Pine community may apply for membership at the club, which currently has 205 Golf memberships and 50 Social memberships, and can accommodate an additional 50 Golf memberships and 100 Social memberships. Regionally, the property is approximately 85 miles north of Palm Beach International Airport (PBI) and approximately 95 miles southwest of Orlando International Airport (MCO). Bent Pine’s location will appeal to the large population of Florida retirees, commuters, local singles and families. The increase in population in the Sebastian – Vero Beach metro area has enabled the labor force to grow faster than the state and national averages, with new entrants entering the job market. Hiring has kept up with the labor force growth, resulting in a 4.1% unemployment rate which is virtually unchanged from 6 months ago. This tight labor market and above-average growth in high-wage industries are fueling growth throughout the metro area.
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