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Buyer snaps up 175-acre Golf Club of Indiana

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A local group that develops senior housing has acquired the Golf Club of Indiana in southern Boone County near Zionsville and is planning improvements to the course.

The buyers plan to upgrade the 18-hole course on more than 150 rolling acres, which over the years has played host to the likes of Jack Nicklaus, Arnold Palmer and Greg Norman, said Todd Glowacki, the course's head golf pro.

The course, designed by Mickey Powell and Charles Maddox, opened in 1974.

The buyer is SL Development Inc., a for-profit affiliate of the not-for-profit Baptist Homes of Indiana Inc., which in 2010 bought 175 acres that surround the course from another lender.

The seller was Missouri-based Middleton Properties Inc., which acquired the mortgage on the club after the original lender was seized by the FDIC. A developer that owned the property before it went back to the lender had hoped to build homes there.

Director of Golf Jeff Rubenstein said the new owners plan to continue operating the property as a golf course with the same management and staff. He said the deal closed July 7. Terms were not disclosed.

The site could make sense for homes or apartments someday but most likely will remain a golf course for the "foreseeable future," said Ross Reller, director of land services for the Indiana operation of Colliers International.

"We have too much of everything, including golf courses," Reller said. "But I don't think there's a higher and better use at the moment."

The deal comes almost a year after a lender unloaded the surrounding land at a fire-sale price.

Baptist Homes, a developer of senior housing that owns the 150-acre Hoosier Village complex near 96th Street and Zionsville Road, closed on a deal in September 2010 to buy 175 acres that surround Golf Club of Indiana.

The property just southwest of Interstate 65 and State Road 334 had been owned by a unit of Huntington Bank, which took the property back from previous owner Fellowship Investments.

Huntington had the property listed with Reller for $1.75 million, but in August, the bank told Reller to drop the price and find a cash buyer who could close quickly. Reller declined to disclose final terms of the deal with Baptist Homes.

Several central Indiana courses closed in 2010, including Big Pine Golf Course, Dye Golf at Sagamore Resort, Fishback Creek Golf Club, Frankfort Country Club and Glen Miller Golf Course.

Even high-end courses have suffered. The Sagamore Club, the once-ballyhooed Jack Nicklaus-designed course near State Road 37 and 166th Street in Noblesville, was perilously near bankruptcy in 2009 before Nebraska-based Landscapes Unlimited LLC bought out three other partners in the club and took over the surrounding residential development from South Carolina-based Melrose Cos.

"For several years, this market has been overbuilt with too many courses while the number of players simply hasn't been increasing at near the same rate," Mike David, executive director of the Indiana Golf Office, the organizing and sanctioning body for golf in Indiana, said in 2010.

IBJ Reporter Anthony Schoettle contributed to this story, which has been updated from an earlier version to add the identity of the buyer.

 

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  • price?
    isn't the price public information?
  • Update
    Michael: Story has been updated with the name of the buyer. We just weren't able to get the information in time for our Real Estate Weekly deadline.
  • Great News
    This is great news for Boone County. This could provide jobs and make GCI an even better course for their members and attract more attention.
  • golf club of indiana
    don't know the name of the buyer? pretty lame reporting

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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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