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Hobby Lobby

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Location

5519 Coldwater Road
Fort Wayne, IN

General Info

Status IN CONTRACT
Property Type Single Tenant
Price $6,225,000
Cap Rate 6.00%
Building Size 74,705 sq. ft.
Land Area 7.770 acres

Key Demographics

0-Mile
Radius
5-Mile
Radius
Population N/A 163,087
Daytime Population N/A 186,943
Median Age N/A 35 Yrs.
Households N/A 67,636
Avg. Household Income N/A $60,587
# of Businesses N/A 8,549
# of Employees N/A 140,586

Description

Recently Extended 10 Year Lease
Hobby Lobby has been a tenant at this center for over ten (10) years. The tenant has reaffirmed their commitment to the property with a new 10 year lease that will expire in December, 2027, offering investors a full 10 year plus lease term.

Significant Capital Improvements
As part of the newly executed lease, tenant will be renovating the facade of the building and making interior upgrades. Landlord will contribute $325,000 in tenant allowance for these improvements, in addition to providing a new roof and parking lot improvements.

Single Tenant NN Lease
Hobby Lobby is on its own parcel. Landlord has roof and structure responsibility. Tenant does not maintain the parcel but does reimburse landlord for CAM costs under the lease.

Rental Increases
The lease features a $0.50 per square foot increase in January, 2024, as well as in each of the three 5-year renewal options.

Strong National Tenant
Hobby Lobby, a privately held corporation headquartered in Oklahoma City, Oklahoma, is an industry leader in the arts and crafts business and is a highly sought-after brand. With over $3 billion in revenue, a history of steady growth, and no long-term debt, Hobby Lobby is a strong company and is consistently listed on Forbes list of America’s Largest Private Companies.

Ideal Location
Hobby Lobby is conveniently located in the Walmart Super Center anchored Coldwater Crossing Shopping Center in Fort Wayne, Indiana, directly north of Glenbrook Mall which is the largest and most dominant mall in Fort Wayne. Anchored by strong national retailers, the location offers outstanding demographics, visibility and access.