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29187845
29187846

120 N Greenwich Rd, Wichita, KS 67206

IS
CA 01497897
CBRE - Orange County
ML
CA 01984445
CBRE - Orange County
Listed by CBRE - Orange County
$8,621,000
142 days on market
Updated 36 days ago

Chicken N Pickle | Wichita, KS

Details
Property Type Retail
Sub Type Restaurant
Square Footage 40,320
Cap Rate 7.25%
NOI $625,000
Tenancy Single
Brand/Tenant Chicken N Pickle
Lease Type NNN
Lease Term 16.3
Lease Expiration 10/31/2038
Remaining Term 12.4
Rent Bumps Yes
Lease Options 2 - 10 Year Options
Price per SqFt $214
Broker Co-Op Yes
Year Built 2018
Acreage 4.240
Parking Spaces spaces
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 06/30/2022
Ground Lease No
Ownership Corporate Guaranty

Retail | 7.25% CAP | 40,320 SqFt

Marketing description

Investment highlights

  • Kansas City Chiefs quarterback Patrick Mahomes and tight end Travis Kelce became notable investors in Chicken N Pickle during a $10 million friends-and-family funding round in 2023.

  • Chicken N Pickle is a pioneering “eatertainment” concept that seamlessly blends a chef-driven restaurant, sports bar, and indoor/outdoor pickleball courts with a variety of lawn games and community-focused spaces.

  • Commenced in 2022, Chicken N Pickle’s NNN lease features a corporate guaranty from CNP Holdings, LLC, ±12.9 years of term remaining with two, 10-year renewal options, and 1.75% annual rent increases.

  • This location features 5 indoor and 4 outdoor pickleball courts, full restaurant, multiple bars, rooftop, bier gardens, bocce, cornhole, and private rooms and spaces.

  • This location features several unique indoor and outdoor event spaces to host groups from 20 – 300 for birthday parties, fundraising events, corporate events, rehearsal dinners and more.

  • Positioned within the 350,000 SF Plazzio development, Chicken N Pickle leverages its proximity to high-volume entertainment and hospitality assets, such as the 20-screen Regal Theatre Warren East and Lucky Strike, to maximize synergistic customer traffic.

  • The center is also home to Tru by Hilton (98 rooms), SpringHill Suites (102 rooms), Residence Inn (93 rooms), Cheddar’s Scratch Kitchen, Freddy’s Frozen Custard & Steakburgers, Jose Pepper’s, Carlos O’Kelly’s, Umi Japanese Steakhouse & Sushi Bar, Hawaiian Bros Island Grill, and Braum’s Ice Cream among others.

  • Average household income is $190,000+ within a 1-mile radius and $140,000+ within a 3-mile radius.

  • The Wichita MSA (Population: 657,312) is the largest metropolitan area anchored in Kansas, encompassing Butler, Harvey, Sedgwick, and Sumner counties.

Listing Contacts

IS
CA 01497897
CBRE - Orange County
ML
CA 01984445
CBRE - Orange County
Listed by CBRE - Orange County

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$625,000.00
$52,083.33/mo

Valuation Metrics

0
DSCR
7.25%
Cap Rate
7.25%
ROI

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