Fort Myers Topgolf Location Sells for $38 Million
The popular entertainment and golf venue, Topgolf, located in Fort Myers, Florida, has recently sold for $38 million. The 48,000-square-foot retail and entertainment location was purchased by Win Chevrolet Properties from Sideways Properties. This is the second time the land has changed ownership in the past 18 months.
Sideways Properties, along with Bowery Fort Myers LLC, initially purchased the property for $32.3 million in March 2022. Topgolf opened its Fort Myers location in November 2021 and has 18 years remaining on its lease. The lease agreement includes a 10% rental increase every five years during the base term and each of the four- to five-year option periods.
According to officials from Marcus & Millichap, the commercial real estate brokerage that represented Sideways Properties, the Fort Myers Topgolf location has been thriving since its opening. Gabriel Britti, senior managing director of investments at Marcus & Millichap, stated that the experiential retail sector has rebounded from the impacts of the pandemic, and this Topgolf venue is bustling with activity.
The Fort Myers Topgolf location features 36 golf bays on both the second and ground floors. Additionally, there is a 215-yard driving range with netting that reaches heights of up to 175 feet. The venue offers a unique and engaging experience for golf enthusiasts and entertainment seekers alike.
Win Chevrolet Properties was represented by Sarasota-based SVN Commercial Advisors in the acquisition of the Fort Myers Topgolf location. The property was initially purchased in December 2019 by Fort Myers FL Landlord LLC for $4.9 million before being developed into the successful venue it is today.
The sale of the Fort Myers Topgolf location for $38 million highlights the strong demand for experiential retail and entertainment properties. Despite the challenges faced by the retail industry during the pandemic, venues like Topgolf have proven resilient and continue to attract customers with their unique offerings. The acquisition by Win Chevrolet Properties is a testament to the value and potential of the Fort Myers location, and it is expected to remain a popular destination for golf enthusiasts and entertainment seekers in the years to come.