In January 2017, BH Properties purchased Golfsmith’s headquarters in Austin, TX as the stalking horse bidder in a bankruptcy sale for $20.5 million. The HQ is a four-building, 332,345 square foot property situated on a rare 40-acre lot in Austin. One of the buildings, comprised of about 93,000 square feet, was used by the sporting goods equipment retailer as a combination of office and retail space while three of the buildings – about 239,000 square feet, were used for manufacturing and distribution facilities.
BH was flexible in accommodating Golfsmith through their bankruptcy liquidation. As part of the process, BH needed to allow for two separate lease-back structures for the company to afford them the flexibility of transitioning parts of their business and transferring assets associated with the property. Additionally, BH needed to accommodate their timing needs which included a quick and certain close.