Durham’s Topgolf recently signed a long-term lease, but that didn’t stop the property owner from selling the land. The sports and entertainment venue opened last year with 102 hitting bays, 200 TVs, a restaurant and event rooms. RealtyLink purchased the 46-acre site in 2019 for $7.5 million, and Atlantic Capital Partners has the property listed for $38.18 million.
The Triangle Business Journal reports the listing mentions that Topgolf has to pay $2.577 million in rent for the first five years of its 20-year lease term, which comes out to about $215,000 a month. The rental rate goes up every five years. The property’s cap rate is 6.75%. Public records indicate the Topgolf site totals 12.33 acres and has a total appraised value of $15.9 million. The total gross leasable area is 31,035 square feet.
Atlantic’s David Hoppe, Eric Suffoletto, Mike Lucier and Danny Griffin are the listing agents.
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