Topgolf (S&P: B+)in KS | Corp Abs NNN w/ Incs
13,200 SF Sports & Entertainment Building Offered at $21,183,000 at a 6% Cap Rate in Wichita, KS 67226
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $21,183,000
- Property Type
-
Sports & Entertainment
- Square Feet
- 13,200 SF
- Price / Square Foot
- $1,605
Listing Contacts
Patrick Nutt
Verified Profile
William Wamble
Verified Profile
Matthew Mousavi
Verified Profile
Patrick Luther
Verified Profile
- Property Info
Property Overview
• The tenant, Topgolf, has 19+ years remaining on their lease with a corporate guaranty by Topgolf International, Inc.
• In October 2020, Topgolf was acquired by Callaway Golf Co. (NYSE: ELY) in an all-stock deal that values Topgolf net worth of $3.63 Billion as of July 19, 2023
• There are 4 (5-year) in place options to extend the lease, generating a potential 40-year occupancy
• The lease boasts 10% rental increases every 5 years, including each option to extend
• Topgolf is strategically located at the signalized, hard corner intersection of E 29th Street N and Greenwich Rd
• The immediate trade area is supported by surrounding retailers such as Target, Hobby Lobby, Marshalls, Academy Sports & Outdoors, and more
• Ideally positioned 1 block North of the Greenwich Place Shopping Center, which features 150,000+ SF of retail space anchored by Michaels, ULTA, World Market, and more
• The newly built Stoney Point Townhome development (65+ units) is directly next door, providing a direct consumer base from which to draw
• According to the Kansas Commerce website, the city is experiencing new development such as Integra Technologies’ $1.8B Wichita Semiconductor Plant which will create nearly 2,000 new jobs
• New prototype concept that includes 9-hole mini golf course
• Topgolf Wichita is the city’s premier entertainment destination
• 52 climate-controlled hitting bays provide year-round comfort
• The complex includes a 22-foot video complimented by an additional 100+ HDTVs
• The Topgolf Wichita restaurant is accommodated by an accomplished Executive Chef and supported by an experienced team that uses high-quality ingredients to deliver a fresh twist on familiar favorites
• In October 2020, Topgolf was acquired by Callaway Golf Co. (NYSE: ELY) in an all-stock deal that values Topgolf net worth of $3.63 Billion as of July 19, 2023
• There are 4 (5-year) in place options to extend the lease, generating a potential 40-year occupancy
• The lease boasts 10% rental increases every 5 years, including each option to extend
• Topgolf is strategically located at the signalized, hard corner intersection of E 29th Street N and Greenwich Rd
• The immediate trade area is supported by surrounding retailers such as Target, Hobby Lobby, Marshalls, Academy Sports & Outdoors, and more
• Ideally positioned 1 block North of the Greenwich Place Shopping Center, which features 150,000+ SF of retail space anchored by Michaels, ULTA, World Market, and more
• The newly built Stoney Point Townhome development (65+ units) is directly next door, providing a direct consumer base from which to draw
• According to the Kansas Commerce website, the city is experiencing new development such as Integra Technologies’ $1.8B Wichita Semiconductor Plant which will create nearly 2,000 new jobs
• New prototype concept that includes 9-hole mini golf course
• Topgolf Wichita is the city’s premier entertainment destination
• 52 climate-controlled hitting bays provide year-round comfort
• The complex includes a 22-foot video complimented by an additional 100+ HDTVs
• The Topgolf Wichita restaurant is accommodated by an accomplished Executive Chef and supported by an experienced team that uses high-quality ingredients to deliver a fresh twist on familiar favorites
Property Details
- Class
- B
- Year Built
- 2022
- Stories
- 1
- Property Subtype
- Golf / Driving Range
- Lot Size (sq. ft)
- 437,342 SF
Highlights
- Corporate Guaranty (S&P: B+) | 19+ Years of Term | Options To Extend | Scheduled Rental Increases
- Absolute NNN Lease | Fee Simple Ownership | Zero Landlord Responsibilities
- Local Demographics In 5-Mile Trade Area | Affluent 1-Mile |Six-Figure Incomes | 14 Miles From Downtown Wichita
- Signalized, Hard Corner Intersection | New Development | Surrounding Retailers | Greenwich Place Shopping Center
- Topgolf - Wichita | 9-Hole Mini Golf Course | 50+ Hitting Bays | Bar & Restaurant
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].