Big Island golf course
bought by investment

San Francisco real estate investment firm Lynch Investments LLC said it has purchased the Makalei Golf Course on the Big Island and plans to upgrade the course and develop homes on the 1,652-acre property.

The company did not disclose a price.

It was the third Big Island property purchase in a year for Lynch, which bought 866 acres of residential-zoned land in Waikoloa early last year for $10 million and acquired Kona's Big Island Country Club in June, also for $10 million.

The golf course's seller was Makalei Hawaii Corp., a company controlled by Atsushi Nakajima, brother of professional golfer Tommy Nakajima.

The Makalei golf property, on the slopes of Hualalai in Kona, is zoned for development of about 150 lots. Lynch is proceeding with development plans but does not rule out the possibility of selling the property as well as the Waikoloa lands before that, said Ren Sanford, the C&H Properties Realtor representing Lynch.

Lynch has already put the Big Island Country Club back on the market for $15 million, but is proceeding with development plans in the event that it doesn't sell, he said.

The property has tentative subdivision approval for 100 lots.

Lynch, which acquires, develops and manages real estate assets, has investments across the country and wants to build up a significant Hawaii presence, Sanford said.

Initially, Lynch plans to improve the golf course, including renovation of sand traps. It will also step up marketing of the course.

The new owners have retained Kitson and Partners, a Florida-based golf course management company, to manage the course.

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