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Hobby Lobby | New 10-Year Lease 1871 14th Ave SE

62,100 SF Retail Building Albany, OR 97322 £4,867,186 (£78/SF) 6.85% Net Initial Yield

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INVESTMENT HIGHLIGHTS

Recent 10-year extension and strong historical occupancy
Significantly below market rent | Scheduled rent increases
Minimal landlord responsibilities | Transferable roof warranty

High barrier to entry sub-market with .9% vacancy rate
Strong corporate guarantee/national tenant
AAA location in the dynamic Albany, OR trade area | Strong, affluent demographics with strong population growth

EXECUTIVE SUMMARY

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale an AAA Location Corporate Hobby Lobby featuring below-market rent and 9+ years of term located in Albany, OR. The Property is located in the central Albany, OR trade area and situated on an endcap of the Heritage Mall which receives over 3.3 million visitors annually and provides strong visibility, ample parking and multiple access points. The Property benefits from paying well below market rents with achievable anchor rents in the sub-market being in the $13-$15 range providing for long-term stability and upside. The Property features $0.50/SF rent increases every 5 years (7.5% rent increase in 5 years) with $0.75/SF rent increases starting in the 2nd option period. The cap rate increases to 7.37% with the 1st scheduled rent increase. The Property features 9+ years of remaining lease term and is corporately guaranteed by Hobby Lobby Stores, Inc. The NNN Lease features minimal landlord management and repair responsibilities (landlord responsible for roof & structure) and zero mall common area maintenance responsibility. The Property is located in the Albany retail trade area which boasts high barriers-to-entry with no new retail development under construction or delivered over the past 12 months and well-below market vacancy rates at 0.9%. Within a 5-mile radius of the Property, the population grew by over 15% in the last decade with average household incomes exceeding $88,000.

Hobby Lobby, Albany, OR OM

PROPERTY FACTS

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Storefront

Building Size

62,100 SF

Building Class

Year Built/Renovated

1988/2024

Price

£4,867,186

Price Per SF

£78

Net Initial Yield

6.85%

NOI

£333,402

Tenancy

Single

Number of Floors

Building FAR

0.83

Lot Size

1.71 AC

Zoning

CR - Commercial Retail Zone

Frontage

361 ft on 12th Avenue Southeast

MAJOR TENANTS

Retailer
-
£5.37
NNN
Jul 2034

In 1970, David and Barbara Green took out a $600 loan to begin making miniature picture frames out of their home. Two years later, the fledgling enterprise opened a 300-square-foot store in Oklahoma City, and Hobby Lobby was born. Today, with more than 1,000 stores, Hobby Lobby is the largest privately owned arts-and-crafts retailer in the world with over 46,000 employees and operating in forty-eight states. Hobby Lobby offers over 70,000 items featuring home decor, seasonal decor, tableware, floral, art supplies, craft supplies, yarn, fabric, jewelry making, hobbies and much more.