Hobby Lobby Hialeah, Florida

$14,376,500
Cap Rate: 5.50%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.50%
Year Built: 2016
Rentable Square Feet: 43,928
Annual Rent: $791,820
Price PSF: $327.27
Land Area: 3.34 Acres
Parking Spaces: 239 (5.43/1,000 SF)
Lease Expiration: 3/31/2031
Lease Type: Modified NNN

Description

Address:

1995 West 49th Street
Hialeah, Florida 33012

Marcus & Millichap is pleased to exclusively offer a 43,928-square-foot newly constructed Hobby Lobby consisting of two parcels situated on a 3.34-acre site in Hialeah, which is part of the Miami MSA, with a combined population of more than 5.5 million people.

Hobby Lobby’s new 15-year NNN lease features $.50 PSF rent escalations every 5 years in both base term and option periods. The corporate lease is guaranteed by Hobby Lobby Stores, Inc., Hobby Lobby is an internationally recognized brand and ranked as the 106th largest private company in the United States by Forbes.

The property is ideally situated with excellent access and visibility off of the areas primary thoroughfare-Palmetto Expressway which has a daily traffic count of approximately 243,000 vehicles. Customers can easily access Hobby Lobby on 49th Street, with 51,000 vehicles per day.

Hobby Lobby is strategically situated on a primary retail and commercial corridor, an outparcel of Westland Mall which is anchored by Macy’s, Sears and JCPenney. Surrounding national retailers with a presence in the immediate vicinity include Walmart Supercenter, Publix, Krispy Kreme, CVS, Papa Johns, Pet Supermarket, ALDI, Dunkin’ Donuts, Taco Bell, GameStop, Sprint, McDonald’s, Staples, Marshalls, Home Depot, Winn Dixie, Olive Garden, Longhorn Steakhouse and many more.

The site further benefits with an extremely dense residential infill in the immediate area. Hialeah is one of the cities with the highest population density in Florida – with over 200,000 within a 3-mile radius.

Hobby Lobby opened 56 new stores in 2016. As the world’s largest privately owned arts and crafts retailer, Hobby Lobby continues to increase its retail footprint across the country. Plans are underway to open 60 new locations and hire 1,700 to 2,500 new employees.

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