11711 E 13th St N
Wichita, KS 67206
Retail Property For Sale

Cheddar's Scratch Kitchen - Phenomenal Store Sales Pegasus Investments, as exclusive investment sale advisor to the Seller, is pleased to present an exceptional opportunity to acquire a single tenant freestanding Cheddar' s Scratch Kitchen within a fast growing, highly affluent part of Wichita, Kansas. The property is subject to a corporate absolute NNN lease with zero responsibilities for the landlord. There are currently approx. 10-years remaining on the firm term with scheduled 1.25% annual increases plus (2) 5-year options in favor of the tenant to extend the lease term. The Wichita, KS location is one of the top performing units in all of the Cheddar' s system, with sales nearly 20% over the national average. Additionally, the subject location has experienced steady year-over-year sales growth. In 2016, sales increased by 4.0% above 2015, while 2015 saw an 8.0% increase above 2014. Due to the recently announced acquisition of Cheddar' s by Darden Restaurants Inc., the brand will continue to experience a high rate of growth as it expands its current base of 165 restaurants into a larger, premier national brand. The subject property is situated on a prominent and large 1.90 acre, highway visible outparcel to Plazzio a 350,000 dining and entertainment center anchored by a 20-screen Warren Theatre megaplex, two (2) Marriott hotels, and The Alley Indoor Entertainment Center (bowling, go-carting, sports bar, billiards room and corporate center). The location is one of the wealthiest and fastest growing parts of Wichita, boasting average household incomes of $130k/year within 1-mile of the property and estimated population growth of 5% over the next 5 years. Serving the affluent residents are other nearby luxury automotive developments including Range Rover, Audi, Porsche, Mercedes Benz and Lexus. Additionally, a lifestyle center to the west was recently developed which features Whole Foods Market, Lululemon and Orange Theory Fitness. Cheddar' s has been successful at this location primarily due to it' s value-oriented offerings within a family enriched environment, ease of access, and synergistic co-tenancy.