Frank Jermusek, President of Northco Real Estate Services, LLC, a leading Midwest based full service commercial real estate firm, announced the expansion of its golf & hospitality division ? Northco Golf & Hospitality, LLC.?? Northco Real Estate Services was originally founded in 1975 and formed a team to specialize in the golf and hospitality industry in 2008.?? Northco Golf & Hospitality has worked on over 150 golf and hospitality projects in the last 6 years mainly focusing in Minnesota and Wisconsin.? Frank Jermusek says that, “We have been asked to expand our geographical reach and plan to start working on additional projects in Iowa, Michigan and Illinois.?? We also continue to grow our service lines within the industry.? We have historically focused on buy & sell brokerage, consulting, and management.? We plan to expand our capabilities in those areas as well as add investment, property tax appeals and legal services to the mix.”
Frank Jermusek says that, “Sale / acquisition activity has definitely picked up in the last year.? The combination of available financing and equity sources coupled with reasonable pricing has been driving lots of activity.?? The barrier to entry for a golf course or resort acquisition is just not what it used to be.? We have a number of deals where individuals or groups have been able to acquire golf courses and resorts on very reasonable terms with excellent debt/equity terms.”
With a golf season as short as we have in the Midwest, it is important to drive revenue and to watch expenses like a hawk.? “It is so important to create an environment that encourages golfers of all skill levels to the facility.? The days of filing the tee sheet with single handicap golfers?are over.? Everyone in the industry needs to work hard to encourage a broader scope of patrons to the facility.”? The management and consulting services that Northco Golf & Hospitality offers include analyzing all expense and revenue categories to make sure you are maximizing EBITDA / NOI.