1995 W 49th St
Hialeah, FL 33012
Hobby Lobby Miami 50K People in 1 Mile · Retail Property For Sale

Marcus & Millichap is pleased to present for sale, the 100% Fee Simple interest in the Hobby Lobby located on the hardsignalized intersection of West 49th Street and the Palmetto Expressway in Hialeah, FL. Comprised of 3.34 acres, the out-parcel to the Westland Mall which sees an annual 5.5 million visitors, also benefits from its strategic location on one of the busiest destinations in the West 49th retail corridor. The 49th street retail corridor is one of the most successful and dense retail submarkets in all of Miami, with annual sales of $600 per square foot. Additionally, the property has easy access to the neighboring upper-income communities of Doral, Palm Springs North and Miami Lakes via the Palmetto Expressway and Miami Springs via Okeechobee Road. Hialeah is one of the most dynamic and densely populated cities in South Florida. Due to the lack of available buildable commercial land, this has created an incredibly constant demand for retail. The building was constructed in 2016 with concrete tiltwall construction. Hobby Lobby is operating under a 15-year triple-net lease with 12 years of term remaining. The lease is guaranteed by Hobby Lobby Stores, Inc., an internationally recognized brand with 843 stores and a very strong corporate structure with over $4.5 billion in gross sales worldwide. It is ranked as the 106th largest private company in the United States by Forbes. This investment property offers a rare opportunity for an investor to acquire a long term, net leased asset with strong corporate backed cash flow in a trophy location of Miami, Florida.