Golf Division of the Leisure Investment Properties

1. Golf Division of the Leisure Investment Properties Group Sells Seven Golf Course Portfolio

2. Sun City, FL – The National Golf and Resort Properties Group of Marcus & Millichap announced today that it has facilitated the sale of seven Sun City Center golf courses owned by WCI Communities, LLC to ClubLink, a Canadian company. The purchase price for the portfolio was $8.7 million. This cash transaction was facilitated by Steven Ekovich, Vice-President Investments and North Florida Section PGA professional, Chris Karamitsos, Co-founders, both, of the National Golf and Resort Properties Group. The operating championship golf courses are Club Renaissance (18 holes), Sandpiper Golf Course (27 holes), Scepter Golf Club (18 holes), and Falcon Watch Golf Club (27 holes). Two 18-hole executive-length courses are also included: Kings Point Golf Club and Caloosa Greens Golf Club. North Lakes Golf Club, which was closed in 2009, is also part of the portfolio, as is an undeveloped two-acre parcel of commercially zoned land. The courses, about 15 miles south of Tampa, range from a full-service country club to executive courses, and represent ClubLink’s first regional cluster In the US.

3. This sale of seven golf assets has been one of the few non-distressed sales in the last few years. Steve Ekovich, National Director of the National Golf & Resort Group who was intimately involved in the transaction process said, “when you have a property that has evolved over 50 years, with different builders and developers, it presented a number of very complex, survey, title and community association issues. With WCI as a seller, one of the most reputable, high end Life Style Community developers in the US, you had the deal expertise, development knowledge and in-house personnel to sort out all of the complex development issues and conclude them when other sellers would have failed to get this to the finish line. In the same vein, when most buyers would have shied away from a deal with this many moving parts, Clublink, a high end golf centric owner of golf courses in Canada, had the in-house staff to evaluate this opportunity, understand the nuisances of a 55 plus community, wade through mountains of due diligence data and see an opportunity to bring their golf expertise and new ideas as the new owner to the residents of Sun City. It was a win-win for WCI and a win-win for both Clublink and the Sun City residents.” Corporate Profile ClubLink is engaged in golf club and resort operations under the trade name, “ClubLink One Membership More Golf.” ClubLink is Canada’s largest owner and operator of golf clubs with 46.5 18-hole equivalent championship and six 18-hole equivalent academy courses at 39 locations, primarily in Ontario, Quebec and Florida.

4. ClubLink is also engaged in rail, tourism and port operations based in Skagway, Alaska, which operates under the trade name “White Pass & Yukon Route.” The railway stretches approximately 110 miles from Skagway, Alaska, through British Columbia to Whitehorse, Yukon. In addition, ClubLink operates three docks primarily for cruise ships. WCI Communities develops luxury, leisure-oriented communities for affluent consumers and retirees. The company constructs single- and multifamily homes and residential towers on Florida’s east and west coasts, as well as in the suburbs of Boston, New York, and Washington, DC. Its master-planned communities often include amenities such as golf courses, tennis courts, recreation centers, marinas, hotels, and restaurants.