Topgolf in Fort Myers, which opened in November, will remain operating as usual, but the business that owns the driving range with 72 hitting bays will be paying rent to two new landlords.  

The complex at the southwest corner of Interstate 75 and Colonial Boulevard sold March 29 for $32.3 million, according to public records. Sideways Properties LLC and Bowery Fort Myers LLC purchased the property from Fort Myers Fl Landlord LLC with the new owners agreeing to a 70%-30% split while taking out a $24.2 million loan. 

Topgolf management could not be reached for comment. 

Fort Myers Fl Landlord LLC purchased the property for $4.9 million in December 2019 before developing it into how it appears today. Topgolf has 36 golf bays on the second floor and 36 on the ground floor. There’s a 215-yard driving range with netting up to 170 and 175 feet high. 

The way this looks is the new owners fronted about $8.1 million and financed the rest, said Matt Price, the CEO of Seagate Development Group. Price had nothing to do with developing Topgolf but has worked on similar projects with large tenants and landlords. “Topgolf leases the property,” he said. “Topgolf pays them a lease rate based on the amount of return for the investor. It would be crazy if Topgolf owned all their stuff. It makes more sense to lease.”  

The price seemed in line with the construction costs, too, Price said. “I think it’s a reasonable price for the asset,” he said. “It was probably done on an agreed upon budget, and Topgolf paid a lease rate based on the total cost. The owner borrowed some of the money against the property. The value’s in the lease from Topgolf. That’s how it works.”