Vereit pays $50M for Topgolf-leased Schaumburg complex

The company acquired the building from Stonemont Financial, the 2nd Topgolf-anchored property sale the firms have undertaken

Chicago /
Mar.March 04, 2020 09:00 AM
CEO of VEREIT Real Estate Glenn Rufrano and Topgolf at 2050 Progress Parkway (Credit: Andrew H. Walker/Getty Images and TOPGOLF INTERNATIONAL, INC.)

CEO of VEREIT Real Estate Glenn Rufrano and Topgolf at 2050 Progress Parkway (Credit: Andrew H. Walker/Getty Images and TOPGOLF INTERNATIONAL, INC.)

A Topgolf-leased building in Schaumburg sold for $50 million, about four months after the sports entertainment chain opened the location, its second in the Chicago area.

Phoenix-based Vereit acquired the three-story, 65,000-square-foot property at 2050 Progress Parkway from Atlanta-based Stonemont Financial Group, property records show.

This isn’t the first time a Topgolf-leased property has changed hands between the two companies. Stonemont sold a Topgolf building in Minneapolis to the investment firm for $38 million in November 2018.

The Topgolf location in Schaumburg has a 5,000-square-foot outdoor patio and 3,000 square feet of event space. The company also has a Naperville location, which opened in 2015. Topgolf operates 60 locations around the world, including in the U.S., England and Australia. The company declined to comment.

Stonemont and Vereit did not return messages for comment.

In Schaumburg, Zeller Realty Group landed a $92 million refinance on a two-building office complex in June. A month before that, manufacturing firm Boler Company said it would move its global headquarters into a 180,000-square-foot building to be constructed on the sprawling former Motorola Solutions campus. Landlords UrbanStreet Group and VennPoint Real Estate are revamping the former corporate headquarters into a mixed-use development.


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