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Hobby Lobby 3917 Broadway St

52,729 SF Retail Building Mount Vernon, IL 62864 £3,442,443 (£65/SF) 6.75% Net Initial Yield

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Investment Highlights

New 10-Year Extensions and Strong Historical Occupancy
Strong Corporate Guarantee / National Tenant
Transferable Roof Warranty / Minimal Landlord Responsibilities

Scheduled Rent Increases / Significantly Below Market Rent
Only Hobby Lobby in 50+ Miles
AAA Location in the Dynamic Mount Vernon, IL Trade Area

Executive Summary

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a Corporate Hobby Lobby featuring below-market rent and new 10 year lease extension located in Mount Vernon, Illinois. The Property is located 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. The Property benefits from paying well below market rents with market rents achievable in the $10.00 – $12.00/SF + NNN range. The Property features $0.25/SF rent increases every 5 years. The NNN Lease features minimal landlord management and repair responsibilities (landlord responsible for roof & structure) and zero mall common area maintenance responsibility and features a 15-year transferable roof warranty through May 2029. Within a 1-mile radius of the property, the population is affluent, with average household incomes over $103,000.

Hobby Lobby - Mt Vernon, IL (OM BRG)

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Department Store

Building Size

52,729 SF

Building Class

Year Built

1974

Price

£3,442,443

Price Per SF

£65

Net Initial Yield

6.75%

NOI

£232,443

Tenancy

Single

Number of Floors

Building FAR

0.98

Lot Size

1.24 AC

MAJOR TENANTS

Retailer
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In 1970, David and Barbara Green took out a $600 loan to start making miniature picture frames from their home. Two years later, the new business opened a 300-square-foot store in Oklahoma City, marking the inception of Hobby Lobby. Today, with over a thousand stores, Hobby Lobby stands as the largest privately owned arts-and-crafts retailer in the world, employing tens of thousands of people with stores across the U.S. Hobby Lobby offers a wide selection of items, including home decor, seasonal decor, tableware, floral arrangements, art supplies, craft supplies, yarn, fabric, jewelry-making materials, hobbies, and more.