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Pickleball may be the fastest growing sport in the U.S., but there are only a handful of facilities designed to match the sport’s explosive growth. When two Ohio pickleball fanatics, Joe Frank and Mitch Dunn, found an aging tennis facility for sale in Cincinnati, they knew they found the perfect location to give Ohio’s leading players a permanent and worthy home. Enter “The Pickle Lodge.”
The only problem? They would need to both purchase the building and undergo a state-of-the-art renovation. The entrepreneurs only had enough capital for one of these projects—a hurdle many business owners often face.
Fortunately, the Pickle Lodge team was put in touch with withco, a real estate firm that offers lease-to-own partnerships for local entrepreneurs to become property owners. The withco team was able to negotiate and purchase the facility on behalf of The Pickle Lodge, closing on the asset for $3.25 million in late October. Frank and Dunn will earn their down payment over the course of their lease term, enabling them to become property owners and capitalize on their state-of-the-art renovation.
With the real estate secured, The Pickle Lodge team can focus their efforts on building out a modern pickleball facility, which will feature 17 indoor courts, five outdoor courts, a bar, restaurant, and event space. They are targeting a February 2023 opening.
“This deal wouldn’t have gotten done without withco at our side—they were real partners in navigating the transaction,” says Frank. “Now we not only have an amazing space to provide the best pickleball experience for our customers, but also the confidence knowing we are on solid ground with our property for the long-term.”
This partnership comes at a time when businesses all over the U.S. are facing an uphill battle in the wake of increased inflation and soaring real estate prices (according to a recent NerdWallet report). Roughly 1 in 4 small-business owners say finding business loans or other sources to grow or cover existing costs is among their biggest challenges right now, while almost 1 in 3 describe rising rent as a top challenge.
“Local entrepreneurs like Joe and Mitch are amazing at what they do and provide so much value to their communities,” says Kevin Song, Founder and CEO of withco. “Unfortunately, it’s often very complex and capital intensive for entrepreneurs like them to buy, build-out, and launch a new business idea like this. We are thrilled to partner with The Pickle Lodge team to provide the capital and expertise needed to help them secure their real estate and eventually benefit from property ownership.”
This isn’t withco’s first lease-to-own partnership deal. Examples of other partners include a local Mexican restaurant in Albuquerque, NM, that previously had to move 13 times in 30 years. They also helped a local business owner save his favorite bar in Newberg, OR, and secured the property of a long-standing and beloved Southern restaurant in Jefferson, GA.
withco is the leading commercial property ownership company for small businesses in the nation. They empower small business owners with a lease-to-own product to secure and grow their businesses. withco is headquartered in New York and operates nationwide. For more information, please visit www.with.co or contact press@with.co.
Founded in 2022, The Pickle Lodge’s lead investors are the President and Cofounder of the 1,500-member Cincinnati Pickleball Club and the Managing Partner of the Fowling Warehouse in Cincinnati. The company is seeking a select group of investors to finalize full build-out, and restaurant partners for The Pickle Lodge’s food offering. Interested parties can reach the Pickle Lodge team at info@thepicklelodge.com.
Contact:
press@with.co
Mel Hahn
914-582-1156
