Current tenant Topgolf will continue leasing the Fort Myers property
for another 18 years
Fort Myers, FL (September 29, 2023) – In a significant real estate transaction that underscores the strength of the Fort Myers market, SVN Commercial Advisory Group has helped manage the sale of a prime property at 2021 Topgolf Way. The $38 million price is the largest dollar-value of any deal to date for the Sarasota-based firm.
Currently leased by Topgolf, the property features 48,000 square feet of retail and entertainment space on more than 14 acres.
Senior Investment Advisor Mike Migone, CCIM, represented the buyer, Win Chevrolet Properties, LLC. “This is a landmark deal, and we’re so pleased with the way it came together,” said Migone, longtime member of the SVN Commercial Advisory Group team. “The buyer was able to align this acquisition with its strategic goals, making this an extremely successful transaction. Having an existing tenant like Topgolf was obviously a huge plus.”
Marcus & Millichap represented the seller, Sideways Properties, LLC.
Topgolf, the current tenant, has more than 18 years left on its long-term lease. The multinational sports entertainment company is headquartered in Dallas with 81 locations worldwide. Originally conceived as an innovative alternative to driving ranges, Topgolf has grown into a global entertainment phenomenon.
The sale of the Fort Myers property is notable, not only for its price tag, but also for the property’s substantial appreciation. In March 2022, the same property changed hands for $32.3 million, reflecting the robust growth of the area’s real estate market.
The buyer, Win Chevrolet Properties recently relocated to Florida from California. With the help of Migone, this latest investment is consistent with the company’s goal to reinvest capital into the strong Florida market.
One of the property’s key assets is its location, positioned just off the I-75 exit, a major interstate route with a daily traffic count exceeding 97,500 vehicles. This affords excellent visibility and accessibility, ensuring longterm success on an ideal investment. The property is also in the heart of the area’s bustling retail corridor, surrounded by apartment complexes. “We expect the tenant to continue thriving at this great location with its interstate frontage,” Migone said. “it’s an economically vibrant area with outstanding, ongoing potential.”