Entertainment and driving range company Topgolf buying land for its first location in the Memphis area scored the 2023 CoStar Impact Award for acquisition of the year in the market as judged by a panel of local commercial real estate experts.
Topgolf paid $16.2 million for the 80 acres at 3450 S. Germantown Road in October.
Topgolf has more than 80 locations around the world, mostly in the U.S. The new Memphis location would be the fourth for the company in Tennessee. Topgolf is in the state’s three other main cities, Nashville, Chattanooga and Knoxville.
Topgolf Entertainment Group is a subsidiary of Carlsbad, California-based Topgolf Callaway Brands, maker of Callaway-branded golf clubs and TravisMathew-branded men’s apparel. The company also develops video games that include its WGT-branded online golf game.
About the project: Construction has started on the venue, which will have 72-hitting bays. Once completed, Topgolf Memphis will be 40 feet tall with 26,750 square feet on the first floor and 22,926 square feet on the second floor.
The complex will contain two bars and a full kitchen. Topgolf Memphis expects to employ 300 people at the location.
What the judges said: “In terms of trade value, the Topgolf transaction ranks lowest of the nominees, however I believe it is the most impactful to Memphis for its irreplaceability,” Brand Cook, a senior associate with CBRE, said. “Topgolf has become a highly anticipated amenity by many and arguably is among the factors many consider to define a city as a must travel destination.”
They it happen: Robert Sloan and Danny Buring of The Shopping Center Group represented Topgolf.
