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Hobby Lobby / Mardel 2302-2308 N Galloway Ave 88,483 SF Retail Building Mesquite, TX 75150 $6,985,000 ($78.94/SF) 6.65% Cap Rate
Executive Summary
-The property is leased to Hobby Lobby Stores, Inc. and is doing business as Hobby Lobby and Mardel.
-Hobby Lobby is the largest privately owned arts-and-crafts retailer in the world and has over 1,000 stores.
-The Tenant has been at this current location for over 25 years.
Below Market Rents
-The Tenant is paying below market rents at only $5.25 per square foot.
-There are scheduled rent increases of $0.25 per square foot every 5 years in the option periods.
Robust Sales Performance
-Annual sales for the Tenant continue to be very strong each year at this location.
-The next nearest Hobby Lobby store is over 10 miles away from the subject property.
Strong retail Corridor
-The property sits at a signalized hard-corner, positioned at Galloway Avenue (30k VPD) and Tripp Road.
-Hobby Lobby and Mardel are just minutes from major roadway I-635 and directly off US-80.
Superior Demographics
-The immediate trade area pulls over 300,000 people in a 5-mile radius.
-Average household in the 5-mile radius is roughly $87,000.
Vista Crossing Shopping Center
-Hobby Lobby and Mardel are shadow anchored tenants of Vista Crossing Shopping Center.
-This 230,000-square-foot regional retail center is anchored by El Rio Grande and dd’s Discount.
NN Lease
-The current NN-structured lease allows for minimal landlord obligations.
-Tenant is responsible for CAM (including the parking lot), taxes, insurance, and HVAC.
-Landlord is responsible for maintaining and repairing the roof (under warranty until 2039), slab, structure, underground utilities, and commercial general liability insurance.
In Association with Chris Adams, TX Lic. #619855
Property Facts
Amenities
- Corner Lot
- Pylon Sign
- Signalized Intersection
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
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$9.99
-
Lorem Ipsum
-
Jan 0000
Hobby Lobby began when founders David and Barbara Green started making miniature picture frames from their home. What started as a small family venture soon grew into a thriving arts-and-crafts retailer. Today, Hobby Lobby is recognized as one of the largest privately owned companies in its industry, operating stores across the United States. The company offers an extensive selection of products, including home décor, seasonal items, tableware, floral arrangements, art and craft supplies, yarn, fabric, jewelry-making materials, and more. Hobby Lobby remains committed to providing quality products and fostering creativity for customers everywhere.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | $9.99 | Lorem Ipsum | Jan 0000 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 38092510000060000 | Improvements Assessment | $3,854,450 |
| Land Assessment | $1,420,550 | Total Assessment | $5,275,000 |
Property Taxes
Presented by
Hobby Lobby / Mardel | 2302-2308 N Galloway Ave
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