Topgolf’s Richmond facility drives $32M sale to Arizona real estate firm

Topgolf’s Richmond location is at 2308 Westwood Ave. (Photos of the BizSense file)

Topgolf has a new rental company in Richmond.

The company’s annual 55,000-square-foot driving range and entertainment facility located at 2308 Westwood Ave. was acquired last week for $ 32.3 million.

Henrico County records indicate that the buyer was a company tied to Fundamental Income Properties, based in Arizona, a real estate investment firm focused on net rental properties for individual renters.

In the case of the Topgolf deal, Fundamental’s price included the value of the facility itself, which was built for $ 25 million, as well as the value of Topgolf’s 20-year lease on the property.

Topgolf offers air-conditioned bays with large, colorful targets.

The seller was the Atlanta-based Stonemont Financial Group, which bought the 14-hectare property from Topgolf for 5.7 million US dollars during the construction phase in early 2019 and leased it back to Topgolf. Previously, Topgolf bought the website for USD 5.7 million as part of a partnership between local developers Lynx Ventures and Rebkee Co.

Topgolf opened the Westwood location in October.

Fundamental Income Properties representatives were unavailable for comment Friday afternoon.

The company is backed by real estate giant Brookfield Asset Management and is in an acquisition phase that began last year. Other properties include a Carvana warehouse in Arizona that was paid for $ 50 million.