Hobby Lobby

1960 West Ridge Road, Rochester, NY 14626

$9,204,146

Cap Rate 5.75%

Views: 37 DOM: 79 Updated: 08.14.24 Posted: 06.21.24 Status: Active

Summary

Price $9,204,146	Built/Renov 2022/2023	Tenant Hobby Lobby
Cap Rate 5.75%	Lease Type NN+	Guarantor Corporate
Size/SF 55,129	Lease Start 04-28-2023	#Units 1,000
Price/SF $166.96	Expiration 04-27-2035	Tenant Type Big Box Retail
NOI $529,238	R. Term 10.7	Ownership Fee Simple
Rent/SF $9.60	Increases 3.0%/6/yrs	Pop 5Mi 233,800
Lot/AC 5.12	Options 3/5yrs/3%	AHHI 5Mi $73,700

Adam English

STREAM Capital Partners

Contact

Lease Highlights

Hobby Lobby has 10+ years remaining on the current lease term with 3 (5-year) options to extend
The lease features a 3% rental escalation at the start of year 7 and each option period
Favorable NN+ lease with landlord responsible for capital improvement and replacements
Corporate guaranteed lease

Location Description

Hobby Lobby is strategically located at the signalized, hard corner intersection of W Ridge Road and Fetzner Road, with access to a combined daily traffic count of 60,978 vehicles. The property is situated in a dense retail corridor surrounded by well-known national tenants, including Home Depot, Wegmans, Chick-fil-A, The Mall at Greece Ridge, and more. The 5-mile trade area is supported by a...

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Key Features

Signalized intersection
Recent renovation
High traffic 50M+ VPD
Freeway close
Dense 200M+ pop 5 mi
Top 100 MSA
Long 10+ yr lease
Favorable NN+ lease
Corporate Guarantee
Over 1000 units backed

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Links

Hobby Lobby Wikipedia Hobby Lobby Wikipedia Rochester, New York Zip Code 14626 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

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