Newmark Knight Frank Brings TopGolf to Market Supporting Experiential Entertainment as Sought-After Net Lease Investment

August 8, 2019— Newmark Knight Frank (NKF) is bringing a state-of-the-art TopGolf entertainment venue located at 2308 Westwood Ave. in Richmond, VA to market for sale. This net lease...
TopGolf Tucson

August 8, 2019— Newmark Knight Frank (NKF) is bringing a state-of-the-art TopGolf entertainment venue located at 2308 Westwood Ave. in Richmond, VA to market for sale. This net lease is a prime opportunity for investors to gain exposure to experiential entertainment, which is among the most coveted sectors within retail.

NKF Executive Managing Director Matt Berres is marketing the TopGolf investment. This assignment follows Berres’ successful sale of a single-tenant TopGolf entertainment venue in Minneapolis.

“While real estate trends are often cyclical, demand for experiential retail in the net lease space looks to be well-positioned for the long term, bolstered by a rise in millennial interest and an increase in disposable income across all demographics,” said Berres.

TopGolf has quickly become a global sports and entertainment community focused on connecting people in engaging and meaningful ways. To that point, TopGolf’s innovative approach to golf has retained the interest of golfers while attracting non-golfers as well. More non-golfers than golfers frequent TopGolf locations, which is reflective of their business strategy’s success.

“TopGolf’s strength in the market speaks for itself. More than half of its 55 venues worldwide have been constructed in the last 10 years,” added Berres. “Experiential retail is highly desirable due to its e-commerce resistance. It’s a win-win for investors as strong tenants with long remaining lease terms become safer investments as market demand continues to climb, while ones with a near-term roll to market stand to capture the higher rents associated with this demand increase.”

The Richmond TopGolf features 70 climate-controlled hitting bays, a rooftop terrace with fire pits and a stage for live performances, 200 plus HDTVs, a full-service restaurant, multiple bars and a lower-level lounge at its venue.

Commenting on net lease trends, Berres noted that, “More broadly speaking, consumer and investor confidence nationally has reached a record high according to Bloomberg’s confidence-tracking index. This optimism has made its way to debt and equity providers, particularly in the net lease sector. Supply has been unable to meet demand for net lease assets with strong in-place tenancies in prime locations.”

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CommercialMixed UseNationalSouthWashington D.C.

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