26732 Portola Pky
Foothill Ranch, CA 92610
Hobby Lobby · Retail Property For Sale

Hobby Lobby - Rare Orange County (CA) Location We are pleased to offer to qualified investors an opportunity to purchase a 77,934 square foot, fee simple single tenant investment that is 100% leased to Hobby Lobby Inc. on a long-term corporate guaranteed lease. There are approximately 8.5 years remaining on an original 12 year base term with 2 - 5 year options. There is a 8% rental escalation in year 2019 as well as approximate 8% increases each option. Moreover, the tenant is currently paying $467,604 / year in annual rent, equating to a PSF rent of $6.00 per annum, which represents a below market rental rate (please inquire for more details). As such, the property can be purchased at a steep discount to replacement cost - a truly rare opportunity for Southern California. The building received a brand new roof in 2016 and is in very good condition. The property is located within the Foothill Towne Center - a 130 acre lifestyle and shopping destination that includes national tenants such as Target, Michaels, PetSmart, Walmart, Regal Cinemas, Home Depot, In N Out, Chick Fil A, 99 Cent Only, Chuck E Cheese, McDonald' s, and many more. The property enjoys excellent visibility and access from Portola Parkway; the trade area is a retail destination for residents of Orange County due to its central location and strong retail mix. Foothill Ranch is located within the city of Lake Forest and is home to major employers such as Oakley, Panasonic Avionics Corporation, and Loan Depot. Lake Forest is a community of south Orange County, accessed by the 241 Toll highway as well as the Interstate 5 Freeway systems.