Hobby Lobby | New 10-Year Lease 1871 14th Ave SE

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale an AAA Location Corporate Hobby Lobby featuring below-market rent and 10 years of term located in Albany, OR. The Property is located in the central Albany, OR trade area and situated on an endcap of the Heritage Mall which receives over 3.3 million visitors annually and provides strong visibility, ample parking and multiple access points. The Property benefits from paying well below market rents with achievable anchor rents in the sub-market being in the $13-$15 range providing for long-term stability and upside. The Property features $0.50/SF rent increases every 5 years (7.5% rent increase in 5 years) with $0.75/SF rent increases starting in the 2nd option period. The cap rate increases to 6.98% with the 1st scheduled rent increase. The Property features 9+ years of remaining lease term and is corporately guaranteed by Hobby Lobby Stores, Inc. The NNN Lease features minimal landlord management and repair responsibilities (landlord responsible for roof & structure) and zero mall common area maintenance responsibility. The Property is located in the Albany retail trade area which boasts high barriers-to-entry with no new retail development under construction or delivered over the past 12 months and well-below market vacancy rates at 0.9%. Within a 5-mile radius of the Property, the population grew by over 15% in the last decade with average household incomes exceeding $88,000.