2975 N Greenwich Rd - Topgolf (S&P: B+)in KS | Corp Abs NNN w/ Incs
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2975 N Greenwich Rd - 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
Investment Highlights
- Corporate Guaranty (S&P: B+) | 19+ Years of Term | Options To Extend | Scheduled Rental Increases
- Local Demographics In 5-Mile Trade Area | Affluent 1-Mile |Six-Figure Incomes | 14 Miles From Downtown Wichita
- Topgolf - Wichita | 9-Hole Mini Golf Course | 50+ Hitting Bays | Bar & Restaurant
- Absolute NNN Lease | Fee Simple Ownership | Zero Landlord Responsibilities
- Signalized, Hard Corner Intersection | New Development | Surrounding Retailers | Greenwich Place Shopping Center
Executive Summary
• 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 Facts
| Price | $21,183,000 | Building Class | B |
| Price Per SF | $1,605 | Lot Size | 10.04 AC |
| Sale Type | Investment | Building Size | 13,200 SF |
| Cap Rate | 6% | No. Stories | 1 |
| Property Type | Sports & Entertainment | Year Built | 2022 |
| Property Subtype | Golf Course/Driving Range |
| Price | $21,183,000 |
| Price Per SF | $1,605 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Property Type | Sports & Entertainment |
| Property Subtype | Golf Course/Driving Range |
| Building Class | B |
| Lot Size | 10.04 AC |
| Building Size | 13,200 SF |
| No. Stories | 1 |
| Year Built | 2022 |
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PROPERTY TAXES
| Parcel Number | 112-03-0-22-01-002.00 | Improvements Assessment | $1,656,838 |
| Land Assessment | $382,850 | Total Assessment | $2,039,688 |
PROPERTY TAXES
Parcel Number
112-03-0-22-01-002.00
Land Assessment
$382,850
Improvements Assessment
$1,656,838
Total Assessment
$2,039,688
zoning
| Zoning Code | Commercial |
| Commercial |
Contacts
-
Patrick Nutt -
William Wamble -
Matthew Mousavi -
Patrick Luther -
SRS Real Estate Partners
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2975 N Greenwich Rd - Topgolf (S&P: B+)in KS | Corp Abs NNN w/ Incs
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