Guide to Selling Entertainment & Experiential Triple Net (NNN) Real Estate

If you own a property occupied by Dave & Buster’s, Main Event, Topgolf, AMC Theatres, Cinemark, Regal, Lucky Strike, Urban Air Adventure Park, Sky Zone or another established entertainment operator, maximizing your sale price requires more than applying a cap rate to the current income. Buyers evaluate the actual tenant and guarantor, remaining lease term, rent, operator performance, building configuration, specialized improvements, location and the long-term value of the underlying real estate.

Highwater Partners specializes in Triple Net (NNN) investment sales, backed by a team with more than 250 years of combined experience and over $18 billion in transaction experience. Led by commercial real estate broker Mercedes Shaffer, our strategy combines property-specific positioning, national exposure to NNN and 1031 exchange buyers, direct investor outreach and Mercedes’ investor-facing presence through the Commercial Real Estate Deal Room on YouTube.

Our objective is to identify the characteristics that make your entertainment property valuable, communicate those strengths to qualified investors and create the strongest possible competitive environment to achieve the highest price the market will support.

Entertainment properties range from movie theaters and large-format eatertainment venues to golf entertainment facilities, bowling centers, indoor adventure parks and family entertainment concepts. Some occupy freestanding single-tenant properties, while others serve as substantial anchors within shopping centers, power centers and mixed-use developments.

What Is My Entertainment or Experiential Property Worth?

Your property's value begins with the income buyers are purchasing, but entertainment real estate cannot be valued intelligently on NOI and cap rate alone. The actual tenant and guarantor, current rent, remaining firm lease term, contractual increases, renewal options and lease structure all influence pricing. Buyers may also consider building size, acreage, parking, access, ceiling height, specialized improvements, surrounding demographics and the performance of the overall retail or entertainment destination.

A Topgolf property, movie theater and Urban Air facility are fundamentally different pieces of real estate, even though all three fall within the experiential sector. A comprehensive valuation should therefore evaluate both the current contractual income and the long-term value and adaptability of the underlying real estate.

Who Actually Guarantees My Entertainment Property Lease?

A recognizable entertainment brand does not necessarily identify the legal entity responsible for paying the rent. Some entertainment operators lease properties through corporate subsidiaries, franchisees or individual operating entities. Others may have multiple locations subject to master leases or other arrangements that connect the economics of several properties.

Buyers will want to understand the actual tenant, whether a parent-company or other guaranty exists, the financial strength of the obligated entity and the terms governing assignment, default and renewal. This distinction can materially affect pricing. A property operated under a recognizable national brand but leased by a smaller franchisee may present a different credit profile from a property supported by a substantial corporate guaranty. For sellers, identifying the contractual credit before marketing the property helps establish a more defensible valuation and reduces uncertainty during due diligence.

How Does the Entertainment Brand Affect My Sale Price?

Recognizable operators can attract immediate buyer interest, but the brand alone does not determine value. A Dave & Buster’s property with substantial remaining lease term in a successful regional retail destination may have a very different investment profile from another location with a shorter lease or weaker underlying real estate.

The same principle applies to movie theaters, bowling centers, indoor adventure parks and golf entertainment venues. Buyers will evaluate the operator's financial condition, the specific lease, location performance, rental economics and the property's usefulness to future tenants.

For sellers, the important question is how investors will compare the specific property with other entertainment, retail and NNN investments available at the same time.

How Does My Lease Structure Affect Value?

Not every entertainment property marketed as NNN has identical landlord responsibilities.

Some leases transfer property taxes, insurance, utilities, maintenance and substantial capital obligations to the tenant. Others leave the landlord responsible for portions of the roof, structure, parking, common areas or specialized building systems.

Entertainment properties may also be subject to master leases, ground leases, percentage-rent provisions or other arrangements that require more detailed underwriting. These distinctions are particularly important for properties with expensive specialized improvements, large buildings or extensive parking facilities.

Buyers will examine the actual lease language rather than relying on the NNN designation alone. Understanding those responsibilities before going to market can help sellers anticipate underwriting concerns and avoid pricing surprises.

How Does Remaining Lease Term Affect My Sale?

Remaining firm lease term can have a significant effect on entertainment property values.

A property with substantial contractual term remaining may appeal to investors seeking predictable income. As the lease becomes shorter, buyers generally place greater emphasis on operator performance, renewal probability, market rent and the property's ability to accommodate another user.

That shift can be particularly important with specialized entertainment properties.

Replacing a movie theater, bowling center or purpose-built golf entertainment venue may require substantially more time and capital than replacing a conventional retail tenant.

Evaluating the property before the remaining lease term becomes short can give an owner more strategic options when deciding whether to sell.

Does Location Performance Matter?

Location performance can be particularly important in experiential real estate.

Entertainment concepts are destination businesses. Buyers may want to understand whether the venue successfully attracts customers and whether the surrounding trade area supports continued operation.

A successful entertainment location can generate substantial repeat traffic and become an established destination within its market. For properties within larger retail developments, the strength of surrounding restaurants, retailers and complementary entertainment uses may also influence buyer perception.

When reliable performance information is available and appropriate to disclose, it can strengthen the seller's investment story and provide additional support for renewal assumptions.

Why Do Demographics Matter?

Entertainment concepts generally require substantial customer populations within their trade areas. Population density, household income, family demographics, tourism, employment and regional accessibility can all influence location performance. Different concepts may depend on different demographic profiles.

An indoor adventure park may rely heavily on families with children, while a Dave & Buster’s or Topgolf location may draw customers from a broader regional population. Movie theaters, bowling centers and sports entertainment facilities may also benefit from nearby restaurants and complementary retail destinations. For sellers, demonstrating the depth and quality of the trade area can help buyers understand why the location works and how it compares with competing entertainment properties.

Why Does the Underlying Real Estate Matter?

Entertainment properties can contain substantial buildings and land.

Movie theaters may occupy large buildings with extensive parking. Topgolf facilities can require significant acreage and specialized outdoor infrastructure. Dave & Buster’s and Main Event locations may occupy large-format buildings with restaurants, gaming and entertainment systems.

Even indoor adventure and trampoline concepts can require high ceilings, open floor plans and substantial parking. These characteristics can create value, but they can also affect future re-tenanting possibilities. For sellers, the strongest marketing strategy addresses both the property's value to the existing operator and its long-term real estate fundamentals.

How Are Movie Theater Properties Different?

Movie theaters represent one of the most specialized categories within entertainment real estate. Operators such as AMC Theatres, Cinemark, Regal, Marcus Theatres and Harkins Theatres can occupy large buildings with stadium seating, projection infrastructure, extensive parking and highly specialized interior configurations.

When selling a theater property, buyers may focus on remaining lease term, operator credit, location performance, surrounding retail activity, rent per square foot and underlying land value. The building's size and configuration can make future re-tenanting more complicated than conventional retail. For that reason, a strong location, valuable underlying land and credible alternative-use possibilities can become particularly important components of the investment story.

How Are Dave & Buster's and Main Event Properties Different?

Eatertainment concepts combine food, beverage, gaming and other entertainment uses within substantial facilities. Dave & Buster’s and Main Event locations may benefit from placement within established regional retail and entertainment destinations where customers combine dining, shopping and entertainment in one trip.

These properties can contain significant investments in kitchens, bars, gaming equipment, event spaces and specialized entertainment infrastructure. That investment may make relocation expensive and strengthen an operator's incentive to remain at a successful location, although it does not eliminate credit or lease-expiration risk. For sellers, the property's regional draw, surrounding retail environment, parking, operator commitment and underlying real estate should all be incorporated into the marketing strategy.

How Are Topgolf Properties Different?

Topgolf properties represent highly specialized experiential real estate. These facilities can require substantial acreage, driving-range infrastructure, multi-level entertainment buildings, food and beverage operations, extensive parking and significant site improvements.

Because the physical investment is substantial, the property's value may depend heavily on the current operator, lease structure and long-term usefulness of the site. Buyers may evaluate the tenant and income together with acreage, surrounding demographics, regional accessibility, operating performance and underlying land value. A strong Topgolf location can represent a distinctive investment, but it should not be valued as though its specialized building were interchangeable with conventional retail.

How Are Urban Air and Sky Zone Properties Different?

Indoor adventure and trampoline parks frequently occupy large-format retail, industrial-flex or purpose-designed buildings with high ceilings and open floor plans. Some operate in former big-box retail spaces, while others occupy buildings specifically configured for indoor recreation.

These concepts can be important users of substantial spaces that might otherwise be difficult to lease to conventional retailers. For sellers, building dimensions, clear height, parking, access, location and surrounding family demographics can all influence value. The property's ability to accommodate other entertainment, fitness, recreation or commercial users may also affect buyers' assessment of residual risk.

How Are Bowling and Family Entertainment Centers Different?

Bowling and family entertainment centers can represent substantial commercial real estate investments. Modern operators increasingly combine bowling with restaurants, bars, arcades, laser tag, event spaces and other entertainment uses.

Properties may contain large open-span buildings, extensive parking and specialized improvements. Some locations are freestanding, while others serve as substantial anchors within larger retail developments. Buyers may evaluate the operator and lease while also considering the property's usefulness to other entertainment or large-format commercial users.

Where properties are subject to master leases, sellers should understand whether the individual property can be sold independently and how the lease allocates rent, obligations and remedies.

How Are Golf and Sports Entertainment Properties Different?

Golf and sports entertainment concepts can occupy very different property types.

Topgolf facilities may require substantial land and specialized infrastructure, while PopStroke, Chicken N Pickle and similar destination concepts combine recreational activity with food, beverage and social gathering spaces.

Indoor golf concepts may occupy substantial commercial spaces, although many locations are smaller inline or mixed-use tenants rather than freestanding NNN investments.

For sellers, the distinction matters. A purpose-built destination facility with substantial land should be analyzed differently from a leased suite within a larger retail development. The strongest valuation and marketing strategy reflects the actual real estate being sold rather than treating all sports entertainment operators as comparable tenants.

Does Tenant Investment Matter?

Tenant investment can be particularly important in experiential real estate. Entertainment operators may invest heavily in kitchens, bars, bowling lanes, gaming systems, projection technology, climbing structures, trampolines, sports facilities and other specialized improvements.

That investment can make relocation expensive and disruptive. For sellers, substantial tenant investment may help demonstrate the operator's commitment to a successful location.

However, specialized improvements do not automatically increase real estate value. Buyers may also consider removal costs, future renovation requirements and whether those improvements would be useful to a replacement tenant.

What Happens if My Entertainment Tenant Eventually Leaves?

Sophisticated buyers will consider this question even when substantial lease term remains.

A large entertainment building might appeal to another entertainment operator, fitness concept, sports facility, medical user or large-format retailer. Some buildings may be divisible for multiple tenants.

Other highly specialized properties may derive substantial residual value from the underlying land and potential redevelopment. The feasibility of alternative uses depends on zoning, building configuration, parking, access, market demand and conversion costs. For sellers, the objective is not to make the marketing about the tenant leaving. It is to demonstrate that the property has long-term real estate value in addition to its current income.

When Is the Best Time to Sell My Entertainment Property?

There is no universal best time. The appropriate timing depends on remaining lease term, operator performance, rent increases, property fundamentals, capital-market conditions and the owner's investment objectives.

A property with substantial firm lease term remaining may appeal to buyers primarily focused on predictable income.

As the lease gets shorter, location performance, renewal probability, market rent and alternative-use potential can become increasingly important. Evaluating the property before a significant lease event gives the owner greater strategic flexibility and more control over the timing of a sale.

How Should I Price My Entertainment Property?

Pricing should reflect how sophisticated buyers will compare the property with other entertainment, retail and NNN investments currently available.

Recent transactions involving the same operator can provide useful information, but they are not automatically direct comparables.

Differences in lease term, rent, guarantor, location performance, building configuration, acreage and residual real estate value can create significant differences in pricing. A movie theater with substantial remaining lease term and strong underlying land may appeal to a different buyer pool than a trampoline park approaching lease expiration. The objective is to establish an asking price that reflects the property's specific strengths, generates serious buyer engagement and preserves negotiating leverage.

Why Does National Buyer Exposure Matter?

Entertainment and experiential properties can attract private investors, family offices, institutional investors, specialized experiential real estate investors and 1031 exchange buyers from throughout the country.

The buyer most willing to pay for a particular property may not be located in the same market.

Highwater Partners combines national commercial real estate marketing, direct investor outreach, broker relationships and targeted communication with NNN and 1031 exchange investors.

The Commercial Real Estate Deal Room provides an additional investor-facing platform through which Mercedes Shaffer reaches investors interested in NNN real estate, 1031 exchanges, property analysis and passive investment strategies. Broad qualified exposure can create additional opportunities for buyer competition and strengthen the seller's negotiating position.

5 Reasons Entertainment Property Sellers Choose Highwater Partners and Mercedes Shaffer

1. Specialized NNN and investment real estate expertise. Highwater Partners evaluates the actual tenant and guarantor, lease structure, remaining term, rent economics, specialized improvements and underlying real estate rather than relying exclusively on cap rate.

2. National buyer exposure. Entertainment properties can appeal to private investors, family offices, institutional investors, experiential real estate investors and 1031 exchange buyers throughout the country. Highwater Partners focuses on reaching the qualified buyer segments most likely to value the specific property.

3. Direct investor reach through the Commercial Real Estate Deal Room. Mercedes Shaffer created and hosts an investor-facing educational platform focused on Triple Net real estate, 1031 exchanges, tenant and lease analysis, valuation and investment risk. This provides an additional channel for engaging investors already interested in investment real estate.

4. Property-specific positioning rather than generic marketing. A Topgolf facility, AMC theater, Dave & Buster’s location and Urban Air property should not be marketed identically. Highwater Partners evaluates each property's income, lease, location, physical characteristics and residual real estate to identify the factors most likely to influence qualified buyers.

5. Experience from valuation through closing. Highwater Partners, together with its brokerage platform, brings more than 250 years of combined commercial real estate experience and more than $18 billion in transaction experience, supporting sellers through valuation, positioning, marketing, negotiation, due diligence and closing.

What Triple Net (NNN) Sellers Often Miss

Entertainment property owners sometimes focus heavily on the operator and current income while underestimating how closely buyers will evaluate the physical real estate. Building size, ceiling height, parking, acreage, access and the ability to accommodate future users can materially affect pricing.

Sellers may also underestimate the significance of specialized tenant investment. An operator that has invested substantial capital in improvements may have a strong economic incentive to remain at a successful location, but buyers will still evaluate the tenant's financial strength and lease obligations.

Timing is another consideration. The buyer pool for a specialized entertainment property with substantial firm lease term remaining can differ from the buyer pool as the lease approaches expiration. Evaluating the property earlier provides more strategic options and can help owners avoid allowing a lease event to dictate the sale process.

Bottom Line

If you own a property occupied by Dave & Buster’s, Main Event, Topgolf, AMC Theatres, Cinemark, Regal, Lucky Strike, Urban Air Adventure Park, Sky Zone or another established entertainment operator, your property's value depends on considerably more than the tenant name and advertised cap rate.

Remaining lease term, rent growth, operator strength, location performance, demographics, building configuration, tenant investment and long-term real estate value can all influence what buyers are willing to pay.

Highwater Partners' role is to identify those strengths, position the property strategically, expose it nationally to qualified buyers and create the strongest possible competitive environment for the sale.

Entertainment & Experiential Brands

The following directory includes established entertainment operators associated with freestanding facilities, substantial retail anchors, theaters, entertainment complexes and specialized experiential properties.

These are operators with relevant real estate formats, not a representation that every location has a verified Triple Net lease. Some locations are owned by the operator, some are leased through master agreements, and others occupy space within larger shopping centers. The actual lease and ownership structure must be verified for each property.

Eatertainment & Destination Entertainment

Dave & Buster’s

Main Event

Punch Bowl Social

Pinstripes

Puttshack

Chicken N Pickle

PopStroke

Movie Theaters

AMC Theatres

Cinemark

Regal

Marcus Theatres

Harkins Theatres

B&B Theatres

Emagine Entertainment

LOOK Dine-In Cinemas

Alamo Drafthouse Cinema

Studio Movie Grill

CMX Cinemas

Santikos Entertainment

Malco Theatres

Phoenix Theatres

Indoor Adventure & Family Entertainment

Urban Air Adventure Park

Sky Zone

Altitude Trampoline Park

DEFY

Launch Entertainment

Get Air Trampoline Park

Flight Adventure Park

FunCity Adventure Park

K1 Speed

Andretti Indoor Karting & Games

Scene75 Entertainment Center

Spare Time Entertainment

Adventure Air Sports

Altitude Trampoline Park

Fun Spot America

Bowling & Entertainment Centers

Lucky Strike

Bowlero

AMF Bowling

Stars and Strikes

Round1 Bowling & Arcade

Main Event

Spare Time Entertainment

Pinstripes

Kingpin Entertainment

Golf & Sports Entertainment

Topgolf

PopStroke

Chicken N Pickle

Puttshack

Five Iron Golf

X-Golf

The operators above vary substantially in building size, ownership structure and lease format. Large freestanding venues and substantial entertainment anchors are the strongest candidates for individual NNN seller guides. Smaller inline concepts should be included only when the specific property represents a meaningful investment asset.

Frequently Asked Questions

How much is my entertainment NNN property worth?

Your property's value depends on the actual tenant and guarantor, NOI, remaining lease term, contractual rent increases, location and underlying real estate. Building size, acreage, parking, location performance, specialized improvements and alternative-use potential can also materially influence what buyers are willing to pay.

Who is the best broker to sell my entertainment NNN property?

Look for a broker who understands NNN valuation, experiential and large-format real estate, lease structure, residual property value and national buyer marketing. Highwater Partners, led by Mercedes Shaffer, combines those capabilities with direct investor outreach and the Commercial Real Estate Deal Room, providing an additional investor-facing channel for reaching NNN and 1031 exchange buyers.

How do I get the highest price for my entertainment property?

Pursuing the strongest market-supported price requires accurate valuation, strategic positioning and broad qualified buyer exposure. Marketing should present the operator and income while emphasizing lease term, location performance, demographics, tenant investment and the long-term value and adaptability of the real estate.

Are entertainment properties typically Triple Net (NNN)?

Some are, but lease structures vary substantially. Entertainment properties may have individual NNN leases, modified net leases, master leases, ground leases or other arrangements. The actual responsibilities for taxes, insurance, maintenance, capital improvements and specialized building systems must be confirmed from the lease.

Does the specialized buildout affect the value of my entertainment property?

It can. Significant tenant investment may strengthen the operator's commitment to a successful location, but buyers will also evaluate whether the improvements would be useful to another tenant and how expensive the property could be to reconfigure if the existing operator eventually leaves.

Can an entertainment property still be valuable if it is part of a shopping center?

Yes. Entertainment operators can serve as substantial anchors within shopping centers, lifestyle centers and mixed-use developments. Buyers may consider the property's lease and real estate together with parking, access, surrounding tenants, reciprocal easements, ownership rights and the overall strength of the development.

Are movie theaters attractive to NNN investors?

They can be, particularly when supported by an appropriate lease, qualified operator and strong underlying real estate. However, theater buildings are highly specialized, so buyers may place considerable emphasis on lease term, operator credit, location performance and the property's alternative-use potential.

Should I sell my entertainment property before the lease gets too short?

Possibly. Substantial remaining firm lease term can attract buyers focused primarily on contractual income. As the lease gets shorter, operator performance, renewal probability, market rent and alternative-use potential can become increasingly important. Evaluating the property before a major lease event provides more options.

Related Triple Net (NNN) Resources

What Is My Triple Net (NNN) Property Worth?

How to Choose the Best Triple Net (NNN) Broker

When Is the Best Time to Sell a Triple Net (NNN) Property?

Why National Buyer Exposure Matters When Selling an NNN Property

Let’s Connect

If you own a movie theater, eatertainment venue, golf entertainment facility, bowling center, indoor adventure park or other substantial experiential property and are considering selling, Highwater Partners can help evaluate its potential value, actual tenant and guarantor, lease, timing, underlying real estate and likely national buyer pool.

Before deciding when or how to sell, understanding how qualified investors will underwrite the property can help you prepare it for the market, protect your negotiating leverage and pursue the strongest market-supported outcome.

About Mercedes Shaffer

Mercedes Shaffer is the Founder of Highwater Partners, a commercial real estate advisory firm specializing in Triple Net (NNN) investments, 1031 exchanges, multifamily investment properties, and single-tenant net lease real estate throughout the United States. Together with her brokerage platform, her team brings more than 250 years of combined commercial real estate experience and more than $18 billion in transaction experience.

Mercedes advises private investors, family offices, developers, and institutional investors on the acquisition, disposition, valuation, and exchange of investment real estate. Her expertise includes tenant credit analysis, lease structure, cap rates and valuation, 1031 exchange strategy, market and location fundamentals, and the evaluation of risk in Triple Net investments.

In addition to her advisory work, Mercedes is also the creator and host of the Commercial Real Estate Deal Room, an educational platform focused on helping investors understand Triple Net real estate, 1031 exchanges, lease and tenant risk, valuation, and the transition from management-intensive properties into more passive real estate investments.

Mercedes is known for an analytical approach that goes “beyond the cap rate” and the glossy brochure. Rather than evaluating an investment solely by its advertised yield or the name on the building, she examines the tenant, lease, underlying real estate, market fundamentals, exit strategy, and the investor’s broader objectives.

Her philosophy is straightforward: there is no universally “best” Triple Net property—only an investment whose combination of real estate, income, risk, and long-term strategy may or may not be appropriate for a particular investor. That perspective guides her work across acquisitions, dispositions, 1031 exchanges, and long-term investment strategy.