1401 S 12th Ave
Virginia, MN 55792
Hobby Lobby · Retail Property For Sale

CATEGORY LEADING TENANT Founded in 1970, Hobby Lobby is the largest privately owned arts-and crafts retailer in the world with more than 994 stores in 48 states and annual revenue in excess of $5 billion. ATTRACTIVE RENTAL TERMS At $5.25 per square foot gross, the future owner has the opportunity for rent growth. Additionally, the lease includes $.50 rental increases every five years in the initial term and in the option terms. CAPTIVE TRADE AREA The population of Virginia is 8,500 but the trade area is expansive and includes over 70,000 people spanning over a 20-mile radius. WELL LOCATED WITHIN TRADE AREA The Property is located directly on Highway 53, the primary north south thoroughfare that connects Duluth to the Iron Range. Notable retailers located in close proximity include Target, Menards, Walgreens, Super One and Walmart. MALL REDEVELOPMENT The interior portion of the Uptown Virginia Mall is expected to go through a complete renovation including elimination of the interior mall space and adding exterior storefronts. The project has interest from retailers, which will bring additional traffic to the Property.