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Topgolf

Interested in selling your Topgolf NNN property or Topgolf ground lease property and was wondering what you can get for it in today’s changing market?

Contact us for a complimentary broker opinion of value for your off-market Topgolf NNN property for sale or Topgolf ground lease property for investment, specifically tailored to support your 1031 exchange requirements. This valuable assessment will provide you with the necessary clarity to make informed decisions regarding the sale of your Topgolf NNN property or the inclusion of a Topgolf ground lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market Topgolf properties, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.

Number of locations

As of 2024, Topgolf operates approximately 90+ venues worldwide, with the majority located across the United States, and additional locations in the United Kingdom, Australia, Mexico, Germany, and other international markets. Topgolf venues are typically situated in major metropolitan areas and high-traffic entertainment districts.

Revenue and income

Topgolf operates as a business segment of Topgolf Callaway Brands Corp. (NYSE: MODG), a publicly traded company. While Topgolf does not report standalone financials as a private subsidiary, company filings indicate that the Topgolf segment generates billions of dollars in annual revenue, driven by venue-based entertainment, food and beverage sales, events, and digital golf technology.

Future plans

Topgolf continues to expand its footprint and diversify its entertainment offerings, with a focus on:

  • New venue development in major U.S. and international markets
  • Smaller-format and urban concept locations
  • Expansion of Toptracer ball-tracking technology to traditional golf courses and ranges
  • Enhanced food, beverage, and event programming
  • Technology and digital platform investments to improve guest experience

Corporate vs. franchise

Topgolf generally does not operate as a franchise in the United States.
Most Topgolf venues are corporate-owned and operated, allowing for consistent brand execution and operational control. In select international markets, Topgolf may partner through joint ventures or licensing arrangements, but the brand remains centrally managed.

Additional information – Topgolf Properties

  1. Topgolf was founded in 2000 in the United Kingdom.
  2. The company is headquartered in Dallas, Texas.
  3. Topgolf is known for its technology-driven golf entertainment, combining driving ranges with games, food, beverages, events, and music.
  4. Topgolf venues are destination-oriented properties that attract a broad demographic, including corporate events, social gatherings, and recreational players.
  5. Topgolf operates under Topgolf Callaway Brands Corp., following its merger with Callaway Golf.

Topgolf History

Topgolf was founded in 2000 in the United Kingdom by brothers Steve and Dave Jolliffe, who introduced a technology-driven driving range concept that combined golf, entertainment, food, and social interaction. The concept was designed to make golf more accessible and appealing to a broader audience, including non-golfers.

Topgolf expanded into the United States in the mid-2000s, where the brand gained significant traction as a destination-style entertainment venue. The company focused on large-format, high-energy locations in major metropolitan areas, emphasizing interactive games, climate-controlled hitting bays, full-service food and beverage, and group events.

Over the years, Topgolf grew rapidly through corporate-owned venue development and strategic partnerships, establishing itself as a leader in the experiential entertainment category. In 2021, Topgolf merged with Callaway Golf Company to form Topgolf Callaway Brands Corp., providing additional capital and resources to accelerate global expansion and technology innovation.

Today, Topgolf is widely recognized as a premier sports entertainment brand, known for its scalable venue model, strong customer engagement, and ability to attract diverse demographics, including corporate events, social groups, and casual players.

Why Invest in Ground Lease and NNN Lease of Topgolf?

Investing in Topgolf ground lease or triple net (NNN) lease properties offers attractive advantages due to Topgolf’s strong brand recognition, experiential entertainment model, and destination-oriented real estate strategy.

1) Topgolf NNN Property Investment: Stable income

Topgolf venues generate high customer traffic driven by entertainment, food and beverage sales, and corporate events. This diversified revenue model supports consistent, long-term rental income under NNN and ground lease structures.

2) Topgolf NNN Property Investment: Established tenant

Founded in 2000 and now operating under Topgolf Callaway Brands Corp. (NYSE: MODG), Topgolf is a well-capitalized, nationally recognized entertainment brand with a growing global footprint, making it a creditworthy tenant for long-term investors.

3) Topgolf NNN Property Investment: Low management responsibility

Under typical NNN or ground lease arrangements, Topgolf is responsible for taxes, insurance, maintenance, and operational expenses, allowing investors to enjoy passive ownership with minimal day-to-day involvement.

4) Topgolf NNN Property Investment: Favorable lease terms

Topgolf ground leases and NNN leases are commonly long-term in nature, often featuring extended initial terms, renewal options, and contractual rent increases, providing predictable cash flow and limited rollover risk.

5) Topgolf NNN Property Investment: Real estate value

Topgolf properties are typically located on large parcels in high-visibility, high-income trade areas, often near major highways, lifestyle centers, and mixed-use developments. The size and location of these sites support strong long-term land value and redevelopment potential.

Pros and Cons of Topgolf Ground Lease and NNN Lease Investment

Pros:

  1. Stable income from a nationally recognized, experiential entertainment brand.
  2. Long-term, corporate-backed tenant operating under Topgolf Callaway Brands Corp. (NYSE: MODG).
  3. Minimal landlord responsibilities under NNN and ground lease structures, as Topgolf typically covers taxes, insurance, maintenance, and operating costs.
  4. Destination-oriented properties located in high-traffic, high-income markets with strong visibility.
  5. Large land parcels that may provide long-term residual or redevelopment value.

Cons:

  1. Exposure to discretionary consumer spending, which can fluctuate with economic cycles.
  2. Special-purpose real estate that may require repositioning or redevelopment at lease expiration.
  3. Lease renewal risk at the end of the primary term.
  4. Limited landlord control under NNN or ground lease structures.
  5. Higher construction costs and site size requirements can limit alternative tenant demand.

As with any NNN investment, careful due diligence—including lease structure, tenant credit quality, location demographics, and alternate-use potential—is essential. Consulting with experienced real estate professionals and financial advisors can help determine whether a Topgolf property aligns with your long-term investment objectives.

MarketWatch: Topgolf

MarketWatch: Topgolf

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