Located at 14915 E. Eagle Mountain Pkwy. in the 500-acre Eagle Mountain master-planned community, the club attracted its share of interest from nationwide bidders. "It's high-end with an excellent reputation and voted as the best public golf course in the country," says Roger Garrett, first vice president with CB Richard Ellis' Phoenix office. He and CBRE senior associate John Knudson represented the seller of record, Eagle Mountain Golf Club LLC in nearby Scottsdale.

Garrett tells GlobeSt.com that a Canadian developer started the master-planned community in the early 1990s, but passed it to a local developer to finish in the wake of financial woes. "They built out the community, then decided to sell the golf course," he adds. "Like many master-plan community developers, when they're done with the real estate, they sell. They're not in the business of golf over the long term."

The entire transaction, between offering and closing, took six months, which Garrett says is standard for the sale of golf course assets. The Newport Beach, CA buyer appealed to the seller because of its strong industry knowledge. Additionally, Pacific Life owns Grayhawk Golf Club at 8620 E. Thompson Peak Pkwy. in Scottsdale. "They figured if they owned Eagle Mountain, it would put them in a strong, competitive position in the area," Garrett explains.