NNN Buys New Tucson Location Topgolf in Marana
Southern Arizona residents will soon have another destination for family entertainment and socializing
TUCSON, Arizona — Global sports entertainment leader Topgolf® sold its third Arizona location at 4050 W Costco Place in Marana, still under construction, to National Retail Properties for $3.6 million in a net lease sale. Located off I-10 and Orange Grove, the construction on the 53,000-square-foot venue broke ground in March, with an expected opening in late 2017.
Chris Stamets with Western Retail Advisors of Phoenix represented Topgolf in the purchase of the former Practice Tee Driving Range 18-acres that was purchased in March for redevelopment.
National Retail Properties, Inc. is a real estate investment trust traded on the New York Stock Exchange under the ticker symbol “NNN.” It owns a diversified portfolio of high- quality retail properties across the United States. As of June 30, 2017, the company owned 2,675 properties in 48 states with a gross leasable area of approximately 28.1 million square feet and with a weighted average remaining lease term of 11.5 years.
“The Topgolf name is well known in the state of Arizona and is recognized as a place where everyone can have fun, regardless of your age or if you golf or not. When the Town of Marana learned that Topgolf was interested in our community, we pulled out all of the stops to ensure they would have a seamless path to opening their venue,” said Curt Woody, Town of Marana director of economic development and tourism about the ground breaking. “The buzz around the region is already at a level of enthusiastic anticipation. The addition of Topgolf to the Town of Marana will create a significant positive impact and will allow us to provide another entertainment destination for the entire metropolitan area.”
Topgolf will create 325 full- and part-time jobs at this location. The new three-level venue will feature 1,500 square feet of private event space and 72 climate-controlled hitting bays that can host up to six players at one time.
Topgolf has been growing like crazy the last several years, with the Dallas-based company adding locations around the country. Topgolf currently has 28 open locations in the United States, with another dozen opening soon. Topgolf is continuing its expansion plans in major American cities, as well expanding into Australia, Mexico and Canada through licensing deals.
If you’ve never been to a Topgolf, it’s basically the golf version of a bowling alley. It’s a driving range where players of all skill levels can hit balls, each with an RFID chip in them, to different targets up and down the range. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. On top of the golf experience, Topgolf customers can order food and beverage which is then brought out to them at tables and outdoor furniture located just behind the bays, which are usually situated on three stacked levels.
At Topgolf, you pay for time at a bay, which you should typically reserve well in advance of your visit if it’s a weekend.
Each Topgolf location costs about $20 million to build, and these locations have typically paid for themselves in two years.