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Diners can sit range-side, and take turns driving golf balls for score, in a variety of games. Scores are tallied on the monitors.
Puget Sound Business Journal recently reported that the Topgolf property is up for sale, but that does not mean the restaurant and lounge with a high-tech driving range is going anywhere.
Topgolf has been a popular business, and has a long-term lease that will transfer with the property to any new owner. Here is the property listing:
The property sold for $27.5 million in 2019 shortly before the Topgolf was built, and it had previously sold for $10 million in 2010 when Boeing surplussed it. (In decades prior, the site held Boeing’s sprawling 10-80 and 10-85 engineering buildings, where Renton Boeing jets were designed. I worked in both buildings at different times.)
Sales history for the Topgolf property, previously the site of the Boeing Company 10-80 and 10-85 engineering buildings
Tax history for Topgolf property
That’s an attractive model: Buy some cheap real estate, put a fad business on it, and then sell it as an investment property with a built-in tenant.
After Top Golf franchise runs through its customers in a few years and declares bankruptcy, the investor will be holding the bag on some overpriced property.
Yes, given the risk inherent with a single-tenant lease, I’ll be interested to see if they can get the asking price of $86 million.