Investment Overview

Marcus & Millichap has been selected to exclusively market for sale an AAA location Hobby Lobby located in the dynamic Silverdale, WA trade area. The Property is located directly across the street from Winco, the Kitsap Mall and Target and features excellent visibility, parking and access. The Property benefits from paying well below market rents with achievable anchor rents in the submarket being in the $17-$19/SF range providing for long-term stability and upside. The Property features over 9 years of remaining lease term and is corporately guaranteed by Hobby Lobby Stores, Inc. The NNN lease features minimal Landlord responsibilities which include only the roof and structure. Located roughly a mile from the Property, St. Michael’s Medical Center recently completed a roughly $500M expansion including over 500,000 SF of additional space. St. Michael's is the leading medical provider on the Kitsap Peninsula and one of the most advanced facilities in the Pacific Northwest. The Property is located within the Silverdale retail trade area that boasts in excess of $1.2 Billion of consumer spending annually and features a current 2.4% vacancy rate. The trade area is anchored by the Kitsap Mall and tenants such as Costco, Lowe’s, Trader Joe’s, Safeway and Best Buy. Within a 3-mile radius of the Property, the population grew by over 13% in the last decade and average household incomes are over $98,000