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Department Store

Hobby Lobby | New 10 Year Lease Extension | New Roof & 15 Year Warranty In Place

1801 N Wayne St, Angola, IN 46703

Listing Price: $2,990,000

Cap Rate
6.15%
Tenant Name
Hobby Lobby
Years Remaining On Lease
9.5
Guarantor
Corporate Guarantee
Rentable SF
56,554
Lease Type
Double Net
Rent Per Square Feet
$3.25

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a long-term, corporate net-leased Hobby Lobby in Angola, Indiana. The tenant has operated at the subject site since 2014 and just recently exercised a long-term lease extension through March 2031 with three five-year renewal options remaining thereafter. Situated on 5.3 acres, the 56,554-square foot building has a below market, highly sustainable rental rate of just $3.25 per square foot annually. Angola is home to Trine University and Pokagon State Park/Lake James area, a summer and winter tourist destination that experiences an influx of seasonal homeowners and approximately 750,000 tourists annually. The property is positioned along North Wayne Street, Angola’s main retail artery filled with national retailers such as Walmart, Rural King, Meijer, Menards, Starbucks, Walgreens, Buffalo Wild Wings, Aldi, Tractor Supply Company, Taco Bell, McDonald’s, Arby’s and Domino’s Pizza. Hobby Lobby is the largest privately owned arts-and-crafts retailer in the world with more than 900 stores operating throughout 47 states. This offering allows an incoming investor a rare opportunity to purchase a net-leased Hobby Lobby investment at a $3M price point with minimal landlord responsibilities in a major retail corridor of a well-known travel/tourism destination community.

Investment Highlights

  • Corporate Hobby Lobby Net-Leased Investment with an Attractive Price Point
  • Brand-New 10 Year Lease Extension - 9+ Years Remaining With Three Five-Year Renewal Options
  • Main Retail Corridor Location- North Wayne Street is the Main Retail Artery of Angola and is Filled with Various National Retailers Including Walmart, Menard's, Kohl's & Meijer
  • Below Market, Sustainable Base Rental Rate of $3.25 Per Square Foot Annually
  • Vacation Destination City- Angola is home to Lake James, Indiana's Fourth Largest Lake and Pokagon State Park, a 1,200+ acre State Park that Offers Various Outdoor Activities
  • University City- Trine University is a 450 Acre, Private University with More Than $176 Million of Campus Improvements Made Since 2000
  • Minimal Landlord Responsibilities- New Roof Recently Installed With 15-Year Warranty

Exclusively Listed By

Department Store

Hobby Lobby | New 10 Year Lease Extension | New Roof & 15 Year Warranty In Place

Listing Price: $2,990,000

Cap Rate
6.15%
Tenant Name
Hobby Lobby
Years Remaining On Lease
9.5
Guarantor
Corporate Guarantee
Rentable SF
56,554
Lease Type
Double Net
Rent Per Square Feet
$3.25

Investment Highlights

  • Corporate Hobby Lobby Net-Leased Investment with an Attractive Price Point
  • Brand-New 10 Year Lease Extension - 9+ Years Remaining With Three Five-Year Renewal Options
  • Main Retail Corridor Location- North Wayne Street is the Main Retail Artery of Angola and is Filled with Various National Retailers Including Walmart, Menard's, Kohl's & Meijer
  • Below Market, Sustainable Base Rental Rate of $3.25 Per Square Foot Annually
  • Vacation Destination City- Angola is home to Lake James, Indiana's Fourth Largest Lake and Pokagon State Park, a 1,200+ acre State Park that Offers Various Outdoor Activities
  • University City- Trine University is a 450 Acre, Private University with More Than $176 Million of Campus Improvements Made Since 2000
  • Minimal Landlord Responsibilities- New Roof Recently Installed With 15-Year Warranty

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a long-term, corporate net-leased Hobby Lobby in Angola, Indiana. The tenant has operated at the subject site since 2014 and just recently exercised a long-term lease extension through March 2031 with three five-year renewal options remaining thereafter. Situated on 5.3 acres, the 56,554-square foot building has a below market, highly sustainable rental rate of just $3.25 per square foot annually. Angola is home to Trine University and Pokagon State Park/Lake James area, a summer and winter tourist destination that experiences an influx of seasonal homeowners and approximately 750,000 tourists annually. The property is positioned along North Wayne Street, Angola’s main retail artery filled with national retailers such as Walmart, Rural King, Meijer, Menards, Starbucks, Walgreens, Buffalo Wild Wings, Aldi, Tractor Supply Company, Taco Bell, McDonald’s, Arby’s and Domino’s Pizza. Hobby Lobby is the largest privately owned arts-and-crafts retailer in the world with more than 900 stores operating throughout 47 states. This offering allows an incoming investor a rare opportunity to purchase a net-leased Hobby Lobby investment at a $3M price point with minimal landlord responsibilities in a major retail corridor of a well-known travel/tourism destination community.

Exclusively Listed By

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