Hobby Lobby

490 East Disk Drive, Rapid City, SD 57701

$4,400,000

Cap Rate 6.75%

Views: 55 DOM: 118 Updated: 07.15.24 Posted: 05.13.24 Status: Active

Summary

Price $4,400,000	Built/Renov 1979/1993	Tenant Hobby Lobby
Cap Rate 6.75%	Lease Type NN+	Guarantor Corporate
Size/SF 66,000	Lease Start 08-07-1999	#Units 1,000
Price/SF $66.67	Expiration 02-28-2030	Tenant Type Big Box Retail
NOI $297,000	R. Term 5.5	Ownership Fee Simple
Rent/SF $4.50	Increases 0.0%/0/yrs	Pop 5Mi 74,200
Lot/AC 4.61	Options 2/5yrs	AHHI 5Mi $78,488

Lease Highlights

Hobby Lobby has been operating in this location since 1999
The tenant has 5+ years remaining on the current lease term with 2 (5-year) options to extend
The lease features $0.50/PSF rental escalations at the start of each option period
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guaranteed lease

Location Description

Hobby Lobby is strategically located on East Disk Drive, with access to 12,622 vehicles passing by daily. The property is adjacent to Rushmore Mall, a regional mall, and is situated next to Interstate 90, which sees 24,700 VPD. Additionally, it is within proximity to Mount Rushmore National Memorial, Badlands National Park, Black Hills National Forest, and Nebraska National Forest. Nearby...

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Key Features

In location for years
Dense retail corridor
Near major nationals
Strategically located
Freeway close
Strong tenant synergy
Long operation history
Favorable NN+ lease
Corporate Guarantee
Over 1000 units backed

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Links

Hobby Lobby Wikipedia Hobby Lobby Wikipedia Rapid City, South Dakota Zip Code 57701 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Hobby Lobby
Guarantor:Corporate
Company:Hobby Lobby Stores, Inc.
# Units:1,000
Stock:Private

About Tenant

Hobby Lobby Stores, Inc. is an industry-leading home decor and craft retailer. The company operates a retail chain offering craft & jewelry supplies, picture framing, fashion fabrics, artificial...

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Listing Broker

Eric Carlton

Colliers NNN Group

Contact

165 Listings
17930 Views
56 Sold

Jereme Snyder

Colliers NNN Group

Contact

153 Listings
16652 Views
53 Sold

Eric Carlton

Eric Carlton serves as Executive Vice President within the Retail Capital Markets Group of Greater Los Angeles, Partner of the Colliers NNN Group, and Co-Founder of the Snyder/Carlton Team for Colliers International nationwide. The Colliers Retail Services Group is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting i

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Jereme Snyder

Jereme S. Snyder is a Executive Vice President within the Retail Services Group in Greater Los Angeles and a Director of Colliers NNN Group for Colliers International nationwide. The Colliers Retail Services Team is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting in debt solutions. Colliers NNN Group is a national

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