Pinnacle Commercial Group is pleased to offer the opportunity to acquire the fee simple interest (land & building) in an NN leased, corporate guaranteed, Hobby Lobby, investment property located in Papillion, NE. The tenant, Hobby Lobby Stores, Inc has approximately 9 years remaining in the initial term with 3 (5-year) option periods to extend. The lease features approximately 6% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed and is NN with landlord responsibilities limited to roof, structure, partial CAM, sidewalk/landscaping surrounding the building, taxes (reimbursable), and insurance (reimbursable).
Hobby Lobby is a co-anchor with Sam’s Club in the Settlers Creek shopping center located at the signalized, hard corner intersection of Cornhusker Road and S. 72nd Street with a combined 55,600 vehicles passing by daily. Other tenants in the center include Walgreens, Chipotle Mexican Grill, Jersey Mike’s Subs, AT&T, and more. The asset is also situated in a dense retail corridor just 1 block south of a Walmart Supercenter, Lowe’s Home Improvement, and Kohl’s anchored center. In addition, Hobby Lobby is only 2.5 miles north of Shadow Lake Town Center with anchor tenants including JCPenney, Hy-Vee, T.J. Maxx, Best Buy, Dick’s Sporting Goods, Dollar Tree, Michaels, PetSmart, and more. Other nearby national/credit tenants include Target, The Home Depot, Planet Fitness, and more. The 5-mile trade area is supported by more than 177,500 residents and 101,000 employees. The immediate 1-mile population boasts an affluent average household income of over $118,000.