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West Orange Times & Observer Monday, Mar. 28, 2022 3 months ago

Lease negotiated for Stoneybrook West golf course

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The community’s board of directors accepted the offer from XB USA.

The Stoneybrook West Board of Directors has issued an update on the fate of its golf course. In a letter to the residents of the community, the board wrote:

“Over the past several weeks, members of the SBW BOD have met with six parties regarding leasing the golf course. This week, two of those parties presented their offers to the Golf Course Committee. From that meeting, the Committee recommended to the Board of Directors that we accept a Letter of Intent and proceed to negotiate a lease with XB USA, led by Rocky Hodge.

“On Thursday, the Board of Directors voted 5-1 … to approve the LOI with XB USA and pursue negotiating a lease. The terms of the proposed deal are very similar to the Kemper deal and include: contributions from the residents for a period of time (though the proposed amount is over $1M less than what the Kemper deal required), Revenue-share type rent, triple net lease (they pay for all costs, including insurance and taxes), and golf and restaurant discounts for the community.

“While XB USA has not owned or operated a golf course in the past, they have a team of individuals with decades of golf course operations and landscaping experience that will be joining the business. There have been some questions regarding XB USA that were mostly answered during the meetings.

“We recommend that everyone watch those meetings to hear the discussion yourselves.”

 

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