A 14-acre parcel of land directly off of Interstate 75 in Fort Myers has sold for $38 million, just shy of $6 million more than what it sold for 18 months ago.
Win Chevrolet Properties, which recently relocated to the state from California, is the buyer. The previous owner, Sideways Properties, paid $32.3 million for the property in March 2022.
The property’s current tenant, Dallas-based Topgolf, operates a 48,000-square-foot retail and entertainment complex on the site and has 18 years remaining on its lease.
Calling Topgolf an entertainment complex is accurate, but it’s also a bit of an understatement. The two-level venue features 72 hitting bays with custom-made dividers and offers a “tech-driven experience” with full-service menus items, drinks and music. It also includes private event space and an outdoor patio and rooftop terrace.
SVN Commercial Advisors, the Sarasota commercial real estate firm that represented Win Chevrolet, says in a statement that the deal made sense strategically for the buyer and having Topgolf as a tenant in place and signed for the long term “was obviously a huge plus.”
SVN says “the $38 million price is the largest dollar-value of any deal to date” for the firm.
“This is a landmark deal, and we’re so pleased with the way it came together,” Mike Migone, a senior investment advisor for SVN, says in a statement.