Topgolf’s Augusta location is on the market for a whopping $18 million.
Colby Capital bought the property in June 2016 and paid slightly more than $8 million for it. Colby Capital, a Kansas firm, specializes in both net-leased properties and retail development.
According to the real estate listing, Topgolf spent more than $20 million in improvements on the 11-acre site, which was completed in 2020.
The building area consists of 41,527 square feet.
Topgolf’s annual rent is $96,481 in addition to all operating expenses, including property taxes.
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No county tax funds or bonds were used to build the site, according to Cal Wray, president of the Augusta Economic Development Authority.
The development authority did contribute $250,000 towards construction of a road to the property, Wray said. Topgolf paid the difference in the cost of the road and the development authority’s contribution.
“The road was built to county standards, and upon its completion, the road was deeded to the city with an eighteen-month guarantee related to any maintenance issues that may arise,” Wray said.
According to the lease memorandum, a short form version of the full lease, recorded in the Richmond County Clerk of Superior Court real estate records, Topgolf has the first right of refusal on any sale of the property. This means that if the property owner receives a bonafide offer to purchase, it must first offer the property to Topgolf at the same purchase price and terms as the third-party offer.
In October 2020, Callaway Golf Company, which already owned 14 percent of Topgolf’s shares, announced that it had reached an agreement to buy the remaining shares for a market value of approximately $2 billion. Callaway Golf’s acquisition is expected to be completed in March, but it does not include the Augusta real estate property in Augusta or other locations leased by Topgolf.
Joe Edge is the real estate columnist and Publisher for The Augusta Press. Reach him at joe.edge@theaugustapress.com
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