The land on which Topgolf sits in Fort Myers strike the authentic estate industry yet again, a lot less than 13 months immediately after providing.
For $40.9 million, a new investor can take more than a house with a triple-net lease, which favors entrepreneurs, with Topgolf assuming all assets upkeep, insurance and taxes.
The locale previous sold for $32.3 million on March 29, 2022, with Sideways Qualities LLC and Bowery Fort Myers LLC acquiring it from Fort Myers FL Landlord. The two new owners agreed to a 70%-30% split and took out a $24.2 million personal loan.
Fort Myers FL Landlord LLC acquired the land for $4.9 million in December 2019 before creating it into how it seems now.
Miami-dependent broker Ronnie Issenberg of Marcus & Millichap, a nationwide brokerage agency, is the listing agent.
The retail and leisure middle designed on 14 acres at 2021 Topgolf Way has 36 golf bays on the next flooring and 36 on the ground floor, with 48,000 square toes of house. There’s a 215-lawn driving variety with netting up to 175 toes significant at the southwest corner of Interstate 75 and Colonial Boulevard.
Topgolf, which has additional than 18 decades remaining on its Fort Myers lease, has at least 81 areas and created $4 billion in profits in 2022, Issenberg stated. “The spot is surrounded by national and regional suppliers just off an Interstate 75 exit with additional than 175,000 motor vehicles for each day,” he said.
Within 48 several hours of listing the assets, Issenberg mentioned he been given a handful of gives.
“It was intense,” he claimed. “Many, many, numerous investors reached out. … It is certainly a favorable tenant to have. The dirt underneath currently being so a lot acreage is what offers individuals stability around the tenant.”
Acquiring a fashionable tenant at an optimal site drove up the value in 13 months regardless of better curiosity rates, said Matt Simmons, assets appraiser with Maxwell, Hendry & Simmons.
“You can rely on this,” Simmons explained. “It’s the reason why a Walgreens or a CVS or a Starbucks or some other triple-internet assets sells for these types of a low cap rate. If you’re shopping for a Starbucks for 5,000 sq. feet, couldn’t you also get an additional setting up for 5,000 square toes and lease it out? Would you pay additional for one particular versus the other? Properly yeah, you’d pay much more for the one with Starbucks as the tenant.
“Here’s the detail with net-lease attributes. They’ve been seriously preferred for decades due to the fact they’re viewed as so harmless. If you experienced dollars that you needed in a safe asset, the greatest benchmark for basic safety is a treasury monthly bill. Right up until this earlier 12 months, you weren’t having hardly any return on that. A web-lease assets is a way you could obtain a little something with a large amount of security behind it and nevertheless get a 4% to 5% return.”