BEND, OR -- The Athletic Club of Bend
is garnering a lot of attention from prospective buyers despite a nearly $37 million price tag. Jay Lyons, with Compass Commercial Real Estate, says they started getting phone calls as soon as the group of owners decided to list the property on Century Drive. "[It’s] Truly unique to Bend, in a sense that it’s kind of been iconic and served the community for a long time – since the early 90s. They don’t intend on shutting the business down. They want to just find a new operator for the business and purchaser of the real estate and also the land that kind of surrounds the property." Lyons says the owners would consider splitting the parcel and selling separately the property available for development, but they would prefer to keep everything together.
The iconic nature of the business and its location are attracting a lot of attention, "We’ve had a few tours of the facility, already," says Lyons. "I mean, we can’t go into detail about who those individuals or parties are. I think it’s a unique opportunity and when it came on the market, we definitely received a number of phone calls right off the bat."
Lyons acknowledges the asking price is steep, but says there are many factors to consider, including the value of existing facilities, the business and potential future earnings, and the value of the developable land, "What we’ve found is there’s a number of different ways you can calculate or determine the value of the property and each individual party that we’ve spoken to has their own way. And, I think it’s going to be interesting to see how the parties come together and ultimately determine what the value is." He tells KBND News the ownership group hasn't set a timeline, "They’re in their 60s and 70s and just want to simplify their lives and kind of go their separate directions with the proceeds of the sale."
to listen to our complete conversation with Jay Lyons of Compass Commercial, or visit our Podcast Page