black forest & wilderness valley golf courses...recent achievements • 2015 partner’s circle...

SVN | NORTHCO REAL ESTATE SERVICES | 5353 WAYZATA BLVD., SUITE 400, MINNEAPOLIS, MN 55416 OFFERING MEMORANDUM

BLACK FOREST &WILDERNESSVALLEY GOLFCOURSES6500 NICKLAUS DRIVEGAYLORD, MI 49735

Frank Jermusek, JDPresident / Managing [email protected]

Cameron PetersonSenior [email protected]

Edward [email protected]

BLACK FOREST & WILDERNESS VALLEY GOLF COURSES | 6500 NICKLAUS DRIVE GAYLORD, MI 49735 SVN | Northco Real Estate Services | All SVN® offices are independently owned and operated.

Disclaimer

The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be usedfor any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent ofthe SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person isauthorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receivingthese materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the informationcontained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. ThisOffering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct,and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representationsor warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or madeavailable to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fullyexecuted and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor anyof their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this OfferingBrochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, toreject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with anyentity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the OfferingBrochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on termsacceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing andagreed to release the Owner and the SVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any suchcorrespondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospectivepurchaser proceeds at its own risk.

1 PROPERTYINFORMATION

6500 Nicklaus DriveGaylord, MI 49735

BLACK FOREST & WILDERNESS VALLEY GOLF COURSES | 6500 NICKLAUS DRIVE GAYLORD, MI 49735 SVN | Northco Real Estate Services |

AUCTION SUMMARY

Starting Bid: Subject To Offer

Tour Dates: Sept 27 & Sept 29

Online Bidding Dates: Oct 1 - Oct 8

Additional Info: See Terms & Conditions

Auction Site http://northco.com

Lot Size: 317 Acres

Year Built: 1971

Building Size: 4,500 SF

CO Listed With: Doug Wright of SVN |

InvesTek Realty

Rare opportunity to own two 18-hole golf courses in prime vacation area of Michigan! Black Forest and Wilderness Valley are locatedon approx 317 acres of land and includes all equipment, clubhouse, two 18-hole golf courses, and golf course business. This propertywill go on auction [See Terms and Conditions].

Please see the drone video for current condition but at one time, Black Forest was the highest rated course in the "Golf Mecca" areaof Gaylord, MI. Black Forest golf course was designed by nationally acclaimed architect, Tom Doak, and is one of the mostchallenging USGA slope ratings in the state from the championship tees. The course opened to national acclaim as a Top 4 NewPublic Course in the U.S. Designed by Michigan Hall of Fame member, Al Watrous, Wilderness Valley is a beautiful, resort-style18-hole golf course that attracts a variety of players. Wilderness Valley offers amenities for both golfers and guests with a 4,500square foot clubhouse that hosts a pro shop, restaurant/banquet facility, bar and office.

Also available, but not included in the auction prices, is untapped development potential with 217 acres available to be sold asbuilding sites.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• Online Reserve Auction - 2 Courses (36 Holes) - Black Forest (Destination) & Wilderness Valley (Local)

• Golf Courses are located on 317 Acres of premium land

• Black Forest is an 18-hole Tom Doak designed course opened to national acclaim as a Top 5 new Course in US

• Wilderness Valley is an 18-hole resort style golf course which is the perfect compliment to Black Forest's Destination course

• Banquet hall facility with seating for 100 guests, 4,500 square foot clubhouse that hosts a pro shop, restaurant/banquet facility,bar and office

• Sale includes all equipment, clubhouse, 36 holes of golf, and golf business

• Course is currently under repair from damage to turf and some irrigation areas

Property Summary



Designed by nationally acclaimed architect Tom Doak, Black Forest is a beautiful, challenging 18-hole golfcourse in the vacation destination of Gaylord, MI. With one of the most challenging USGA slope ratings inthe state of Michigan from the championship tees, Black Forest will test any skill level. Sculpted out ofNorthern Michigan forests, this course opened as a Top 4 New Public Course in the U.S. and was thehighest rated course in the area. At almost 400 acres, Black Forest has many acres available to be carvedoff and sold as building sites, adding to its income potential.

Designed by Michigan Hall of Fame member Al Watrous, Wilderness Valley is a beautiful, resort-style18-hole golf course in the vacation destination of Gaylord, MI. With a modest USGA slope rating of 126,Wilderness Valley is the more playable of the two courses and attracts a wide variety of players.Wilderness Valley offers amenities for both golfers and guests with a 4,500 square foot clubhouse thathosts a pro shop, restaurant/banquet facility, bar and office. The clubhouse also offers the opportunity toattract winter business as Gaylord is a hub of winter outdoor activity.

This rare opportunity to purchase both courses as one property will go on auction (see Terms andConditions). Although currently in distressed condition, both courses offer tremendous potential for theright buyer.

PROPERTY OVERVIEW

Located in the Northern Lower Peninsula of Michigan, Gaylord is a premier Midwest destination. Only 200miles from Detroit and 350 miles from Chicago, visitors come from all directions to experience its beautyand tranquility. Hospitality has a huge impact on the area, with 20 lodging facilities and 15 golf courses inthe immediate area.

LOCATION OVERVIEW

CLUBHOUSE FACILITY: 4,500 sf, pro shop, Osprey Grille, officeSTORAGE FACILITY: 3,500 sf, holds up to 125 electric cartsMAINTENANCE FACILITY: 3-door cinder block & 3-bay cinder block

BUILDING SUMMARY

Property Description


SALE HIGHLIGHTS

• Two courses (36 holes) - Black Forest (destination) & Wilderness Valley (local)

• Black Forest is an 18-hole, par 73 course that plays 7,044 yards from the

championship tees with a 147 slope rating

• Black Forest opened to national acclaim as a Top 4 New Public Course in U.S. by

Golf Magazine

• Black Forest was the highest rated course in the area by Golfweek magazine

• Black Forest was designed by nationally acclaimed architect Tom Doak

• Wilderness Valley is an 18-hole, par 71 that plays 6,367 yards from the

championship tees with a 126 slope rating

• Banquet hall facility with seating for 100 guests

• Located in the "Golf Mecca" of Gaylord, MI

• Additional revenue opportunities in sale of buildable lots and winter business

Complete Highlights


Additional Photos

3 LOCATIONINFORMATION




Black Forest & WildernessValley Golf Courses

Regional Map




Location Maps

CITY HIGHLIGHTS

• Population of 3,690 (2016)

• Golf Mecca of the Midwest

• Outstanding parks system

• Located between Lake Michigan and Lake Huron

• 28 miles from Hartwick Pines State Park

• Located on the North Central State Trail- 62 miles from Gaylord to Mackinaw City foryear-round non-motorized use and snowmobiling in the winter

GAYLORD, MI

Gaylord is located in the center of the Northern Lower Peninsula on the 45th parallel, referredto as the halfway point between the Equator and North Pole. Due to its location between LakeMichigan and Lake Huron, residents of Gaylord experience the best of both worlds with mildsummers and abundant snowfall in the winters. This makes the area idea for resorts with oneof the highest concentrations in the entire Midwest.

Referred to as "America's Summer Golf Mecca," Gaylord has a lot of options for players of allskill levels. With numerous golf courses and options for lodging that include hotels andresorts, Gaylord acts as a regional playground year round.

Gaylord is also known as Michigan's Alpine Village with its Alpine-themed shopping districtoffering visitors a quaint, clean setting with a multitude of shopping experiences,entertainment and a vast array of events and activities.

Winter months offer a plethora of activity including snowmobiling, downhill skiing,snowshoeing and numerous cross-country ski trails. With over 180 inches of annual snowfalland a heavily wooded, rolling terrain, beginners and experts alike enjoy countless winteradventures.


City Information

3DEMOGRAPHICS




POPULATION 50 MILES 100 MILES 200 MILES

Total population 282,281 1,036,574 9,169,608

Median age 44.8 42.6 38.1

Median age (male) 44.1 41.7 37.1

Median age (Female) 45.3 43.4 39.0

HOUSEHOLDS & INCOME 50 MILES 100 MILES 200 MILES

Total households 117,990 424,158 3,542,505

# of persons per HH 2.4 2.4 2.6

Average HH income $56,050 $54,013 $65,916

Average house value $184,376 $163,179 $199,062

* Demographic data derived from 2010 US Census

Demographics Map

4 ADVISOR BIOS6500 Nicklaus Drive

Gaylord, MI 49735


5353 Wayzata Blvd.Suite 400Minneapolis, MN 55416T 952.820.1615C [email protected]

PROFESSIONAL BACKGROUND

Frank is a Principal at SVN | Northco headquartered in Minneapolis, Minnesota. SVN has become one of the most recognizedcommercial real estate brands in the world with over 225 offices globally.

Frank has served as President and Managing Director of SVN | Northco since acquiring the company in 2006. In this role he is incharge of company operations including leading a sophisticated team of professional advisors specializing in brokerage services,investment, finance, management, consulting and golf & resort.

SVN | Northco is a full service commercial real estate firm that has been a leader in the Twin Cities market since 1975. SVN | Northcohas numerous affiliated entities most including SVN | Northco Real Estate Services and SVN | Northco Golf & Hospitality. SVN |Northco Golf & Hospitality specializes in a wide range of services related to the golf & resort industry and Frank serves as head ofthe SVN national product council for golf courses and resort properties.

Frank is also the founder of The Jermusek Law Firm, LLC, a Minnesota based law firm focusing on providing sophisticated, creativeand practical solutions for clients dealing with real estate, business, lending and golf/hospitality matters.

During his career, Frank has worked on thousands of real estate, corporate and golf & resort transactions ranging from small localreal estate transactions to a $150+ million corporate transaction, all totaling well over $2 billion in transaction volume.

Experience• 2006 – Present: President, Northco Real Estate Services, Northco Golf & Resort, Northco Investments, and all affiliated companies• 2006 – Present: The Jermusek Law Firm, LLC• 2003 - 2006: Attorney, Leonard Street and Deinard• 1989 - 2003: General Manager/Controller, Baker Investments

Education• William Mitchell College of Law – Juris Doctor• University of St. Thomas – Bachelor of Arts – Business• Minnesota School of Business – Accounting

Professional Recognitions / Affiliations• Licensed Real Estate Broker – MN, WI, SD, ND, IA• Licensed Attorney - Minnesota• Minnesota and Hennepin County Bar Associations• National Golf Course Owners Association (NGCOA)• United States Golf Association (USGA)

Recent Achievements• 2015 Partner’s Circle – Top 4 Advisor in SVN• SVN’s 2015 Firm of the Year• SVN | Northco – 2015 -Top 8 Firm in SVN

FRANK JERMUSEK, JD

President / Managing Director


5353 Wayzata Blvd.Suite 400Minneapolis, MN 55416T 952.820.1688C [email protected]

PROFESSIONAL BACKGROUND

Cameron is a Principal and Senior Advisor at SVN | Northco. SVN is a full service brokerage, management and consulting companyand has become one of the most recognized commercial real estate brands in the world with over 225 offices globally.

Cameron has dual degrees in marketing and financing from Bethel University, and is currently pursing the CCIM designation, whichis a recognized expert in the commercial and investment real estate industry. In addition to the formal training he has 12 years ofexperience in real estate, hospitality, business development, and consulting management.

Cameron has served a wide array of clients ranging from banks, to private investors, and institutional investment firms. Having abreadth of experience in all disciplines and practice types (office, medical, retail, industrial, golf & hospitality), Cameron spends thebulk of his time assisting clients with asset disposition/acquisition, leasing, ownership restructuring, overall management, financialanalysis, strategic planning, lender workouts, and exit/land development strategies. With his depth and quantity of experience on ateam that has billions in transaction experience; Cameron is able to bring creativity and experience with his well-established teamand company.

Experience• Principal / Senior Advisor, SVN | Northco 2006 - Present• Annuity Sales, Renaissance Annuity Group 2006• Support Specialist, Bethel Information Technologies 2003 - 2004• Maintenance Operations, Rose Lake Golf Course 2000 - 2003

Education• Bachelor’s Degrees in Finance and Marketing, Bethel University, St. Paul, MN• Certified Commercial Investment Member (CCIM)

Recent Achievements• SVN Firm of the Year• SVN Top 100 Advisors• SVN Elite Managing Director

Professional Affiliations• SVN Golf & Resort Group• Licensed Minnesota & Wisconsin Real Estate Agent• National Golf Course Owners Association (NGCOA)• United States Golf Association (USGA)• Minnesota Commercial Association of Realtors (MNCAR)

CAMERON PETERSON

Senior Advisor


black forest & wilderness valley golf courses...recent achievements • 2015 partner’s circle...

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