Mesquite, TX - Hobby Lobby & Mardel

Description:

• The Property is long-term leased to Hobby Lobby Stores, Inc. for use as a Hobby Lobby and Mardel
• Hobby Lobby Stores, Inc. is the corporate operating entity for Hobby Lobby, the largest privately owned arts and crafts retailer in the world, operating over 1,000 locations nationwide
• The tenant recently executed a new 5-year lease extension and holds two
(2) additional 5-year renewal options, reinforcing long-term income security and commitment to the site
• The lease features rental increases of $0.25 per square foot at the beginning of each option period, supporting NOI growth and providing a built-in hedge against inflation
• The roof was replaced in 2018 with warranty coverage through 2038

• The property is prominently positioned at the signalized hard corner of Tripp Road (6,000 VPD) and N. Galloway Avenue (27,100 VPD), offering excellent visibility and accessibility from both thoroughfare
• Just minutes from the intersection of I-635 (170,400 VPD), a major north–south arterial, and US-80 (84,800 VPD), a key east–west arterial, the site benefits from seamless connectivity throughout the greater Dallas metro area
• The property serves as a shadow anchor to Vista Crossing, a 230,000 SF regional retail center anchored by El Rio Grande and dd’s Discount, and home to national brands like Dollar General, Jack in the Box, and DaVita
• Vista Crossing is a top performing center, drawing over 1.6 million visits annually and ranking in the top 94th percentile nationally / 95th in Texas among comparable centers (Placer.ai)
• Located in a prime retail corridor, in close proximity to numerous national brands and major centers such as The Marketplace at Town Center (Home Depot-anchored, 4.8M+ visits) and Town East Mall (2.6M+ visits, anchored by Dillard’s, Macy’s, Dick’s)