Recent 10-Year Lease Extension
– Hobby Lobby has occupied the property since 2014 and recently extended their lease term by 10 years showing strong commitment to the site.
– 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.
– Hobby Lobby is currently paying $5.50/SF with market rents achievable in the $10.00 – $12.00/SF range.
Corporately Leased to Hobby Lobby, a $7.9B+ Revenue Company (2023)
– With over 1,000 locations and 46,000 employees across the US, Hobby Lobby is the nation’s largest privately owned arts and crafts retailer.
– As of 2023, Hobby Lobby’s revenue is an estimated $7.9 billion (a 2.60% increase over 2022) and is ranked #75 on Forbes’ annual list of America’s largest private companies.
Only Hobby Lobby in 50+ Miles and Strategically Positioned
– Hobby Lobby is located in Mt. Vernon, a regional hub for Southern Illinois, drawing consumers from multiple surrounding communities.
– Positioned near major highways (I-57 and I-64), the store benefits from high traffic and easy accessibility.
– 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.
– 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.
Minimal Landlord Responsibilities with a Transferable Roof Warranty
– The NNN Lease features minimal landlord management or repair responsibilities (landlord responsible for roof/structure).
– The roof is in excellent condition and features a 15- year, transferable roof warranty through May 2029.
