LStar Management Announces Acquisition of Grande Dunes

RALEIGH, N.C., Dec. 23, 2013 /PRNewswire/ -- Representatives from LStar announced today that the company has successfully closed on the purchase of the 2,200-acre Grande Dunes oceanfront community located in Myrtle Beach, S.C. LStar's acquisition includes the exclusive 27,000 square-foot Member's Club and its 18-hole golf course; the Ocean Club's 25,000 square-foot clubhouse, restaurant and pool complex fronting onto the Atlantic Ocean; the Grande Dunes Tennis Club's 10 tennis courts, clubhouse and fitness center; the 131-slip Grande Dunes Marina (capable of accommodating boats up to 120 feet in length), and the waterfront Anchor Cafe. The purchase includes 770 acres of undeveloped land that can accommodate significant residential and commercial development. Additional information about the community can be found at www.GrandeDunes.com.

LStar intends to work closely and collaboratively with the community's existing residents and city officials to build upon the existing world-class amenities and re-envision one of the Southeast's finest luxury oceanfront destinations for current and future residents and guests.

LStar is partnering with the highly-regarded McConnell Golf to oversee management of golf and club operations at the Members Club at Grande Dunes, Ocean Club at Grande Dunes and the Anchor Cafe. Justin Good of Cushman & Wakefield Thalhimer represented the seller.

"We are immensely proud to be the new owners of Grande Dunes and look forward to working with the property owners and city officials to enhance its reputation and value as the Southeast's unparalleled waterfront residential community," said Kyle Corkum, managing partner, LStar Management. "We have placed highly motivated and experienced leadership on this project and are committed to a long-term strategy of exceptional stewardship of this unique property. Our focus from day one will be to employ a long-term strategy for visionary growth that seeks to increase the value and reputation of the community while providing the finest standards of customer service for our members and guests."

"As our company enters its second decade," said John McConnell, president and CEO, McConnell Golf, "we could not imagine a better first partner than LStar, nor a more quality-first client than Grande Dunes. We plan on taking a different and unique approach when offering our services compared to some other golf or club management companies. First, we are very selective in choosing projects, we have tons of talent working for our clubs that we can redeploy and we can make decisions very fast. Adding seven private clubs to our portfolio over the past six years taught us to be flexible and spot efficiencies, while adding back value to our membership in an overwhelming way."

About McConnell Golf

McConnell Golf's mission during its first decade of existence has been to offer all areas of the Carolinas some of the finest private golf and country clubs. McConnell Golf expands its new club management division at Grande Dunes in Myrtle Beach, S.C. It offers pure golf for the true golfer as a privately held company offering one membership and access to seven private club experiences at world-class facilities and golf courses designed by legends Donald Ross, Pete Dye, Tom Fazio, Arnold Palmer, Greg Norman and Hale Irwin. Founded in 2003, McConnell Golf provides 153 holes of championship golf at these properties: Raleigh Country Club in Raleigh, N.C.; Treyburn Country Club in Durham, N.C.; Old North State Club at Badin Lake, N.C.; Musgrove Mill Golf Club in Clinton, S.C.; The Reserve Golf Club in Pawleys Island, S.C.; Sedgefield Country Club Dye Course and Ross Course in Greensboro, N.C; and Wakefield Plantation in Raleigh, N.C. All clubs are maintained and serviced to the highest standards with an emphasis on true golf, complete service and absolute quality. McConnell Golf offers numerous unique membership opportunities that are tailored to young families, avid golfers, corporate executives and culinary enthusiasts. Membership offerings include individual club memberships, as well as innovative corporate, national and legacy memberships that deliver unmatched access to the top courses in the Carolinas. www.McConnellGolf.com

About LStar Management

Based in Raleigh, North Carolina, LStar is a real estate investment firm that specializes in residential and commercial development. The firm partners with some of the country's preeminent private equity and wealth management funds to acquire assets across the country. LStar Management's senior staff has more than 400 years combined experience in the disciplines of hotel development, land acquisition, project/asset management, site development, design, planning, permitting, real estate law, finance, sales, marketing and construction. LStar owns or controls more than 50,000 residential units across the United States and its debt-free portfolio exceeds more than $1 billion in asset value. For more information visit http://www.LStarland.com.

SOURCE LStar Management