Irvine, CA — Newmark announces the for-sale opportunity of the leasehold interest in a single-tenant Topgolf entertainment venue located in El Segundo, California. Topgolf’s flagship Los Angeles location opened in April 2022 under a brand-new, 20-year lease. The offering includes only the improvements, as the property is situated on land owned by the City of El Segundo. Newmark’s Net Lease Capital Markets group comprising Vice Chairman Matt Berres, Director Samer Khalil and Associate Karick Brown have been retained by landlord CenterCal Properties as exclusive sales agents for the property.
“This property’s brand-new construction, trophy location, premier experiential tenancy and long-term lease structure combine to create a truly unique investment opportunity,” said Berres.
Located at 400 S Pacific Coast Highway, the 67,500-square-foot Topgolf venue is situated on 26.54 acres of land owned by the City of El Segundo. In the works for nearly a decade, the new location—Topgolf’s first in Los Angeles County—also includes a newly renovated, 15.87-acre golf course. Topgolf partnered with renowned golf course designer Mike Angus to refresh and reintroduce the beloved Lakes at El Segundo golf course to the community and will manage/operate the course during its tenancy as part of its agreement with CenterCal Properties and the City of El Segundo.
“The City of El Segundo found a great solution in partnering with CenterCal and Topgolf to renovate the golf course,” added Berres. “This was an ingenious solution to leverage the resources dedicated to a municipal golf course to drive revenue and provide this valuable entertainment venue for the area. This forward-thinking approach could be replicated in other cities.”
The property is a quick 15 minutes from the heart of downtown Los Angeles, highly visible from the Pacific Coast Highway and just 1.5 miles south of Los Angeles International Airport (LAX), which services 88 million passengers annually. The proximity to LAX affords travelers the opportunity to visit Topgolf quickly coming to or from a flight. Additionally, the location offers easy on/off ramp access along W El Segundo Boulevard or Rosecrans Avenue via I-405, providing convenient access to the property.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world.
CenterCal Properties, LLC, founded in 2004 by Fred Bruning and Jean Paul Wardy, is a full-service commercial real estate company in the business of investing, developing, leasing, and managing properties throughout the western United States. Considered one of the leaders in mixed-use lifestyle center development, CenterCal is best known for creating destinations with a unique strategy of placemaking, which emphasizes the importance of community gathering and growth.