INVESTMENT HIGHLIGHTS
New 10-YEAR EXTENSION AND STRONG HISTORICAL OCCUPANCY
Hobby Lobby has occupied the property since 2014 and recently extended their lease term by 10 years showing strong commitment to the site.
SCHEDULED RENT INCREASES
The Property features $0.25/SF rent increases every 5 years throughout the term and option periods, providing an investor with a hedge against inflation.
STRONG CORPORATE GUARANTEE / NATIONAL TENANT
The Lease is guaranteed by Hobby Lobby Stores Inc. Hobby Lobby is the largest privately-owned crafts retailer in America, with annual revenue in excess of $5.3 billion, and is ranked #75 on Forbes’ annual list of America’s largest private companies.
Only Hobby Lobby in 50+ Miles
With limited direct competitors in the arts and crafts retail sector in the region, Hobby Lobby maintains a dominant market position in this niche category.
Transferable Roof Warranty
The roof is in excellent condition and features a 15- year, transferable roof warranty through May 2029.
SIGNIFICANTLY BELOW MARKET RENT
Hobby Lobby is currently paying $5.50/SF + NNN with market rents achievable in the $10.00 – $12.00/SF + NNN range.
MINIMAL LANDLORD RESPONSIBILITIES
The NNN Lease features minimal landlord management or repair responsibilities (landlord responsible for roof/structure) and zero mall common area maintenance responsibility.
AAA LOCATION IN THE DYNAMIC Mount Vernon, IL TRADE AREA
The store is situated in Times Square Mall (2.3M Visits/Year per Placer.ai) nearby other national tenants including Ross, Planet Fitness, Hibbett Sports, Ashley Outlet, Kroger, Rural King, and a brand-new construction Seven Brew Coffee, increasing foot traffic and consumer interest.
STRONG, AFFLUENT DEMOGRAPHICS
Within a 1-mile radius of the property, the population is affluent, with average household incomes over $103,000.
Listing Agents:
CLAYTON J. BROWN
Luke Holsinger
253.732.5067
luke.holsinger@marcusmillichap.com
Co-listed with:
Dominic Sulo
Senior Managing Director Investments
Senior Director, Net Lease Properties Division
(630) 570-2171
dominic.sulo@marcusmillichap.com
