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Hobby Lobby 78810 Highway 111 55,651 SF Retail Building La Quinta, CA 92253 $16,576,550 CAD ($297.87 CAD/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Over 4.5 Years Remaining | Corporate Tenant |Scheduled Rental Increases | Below Market Rent
- Strong Retail Intersections (138,700+ VPD) |Excellent Visibility & Access
- Indian Wells Tennis Garden (16,100+ Seats) | BNP Paribas Open
- Lucrative Assumable Loan Available | Interest Rate of 4.5%
- Anchor to One Eleven La Quinta Center | Retail Corridor |Strong National/Credit Tenants
- Numerous County Clubs Within Immediate Area |Significant Disposable Income
EXECUTIVE SUMMARY
SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased, corporate guaranteed, Hobby Lobby investment property located in La Quinta, California. The tenant, Hobby Lobby Stores, Inc., has over 4 years remaining in their initial lease term with 4 (5-year) options to extend. The lease features an approximate 4% rental increase at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed by Hobby Lobby Stores, Inc., and is NNN with landlord responsibilities limited to roof and structure. Hobby Lobby is the largest privately owned arts-and-crafts retailer in the world with over 900 stores in forty-six states.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
55,651 SF
Building Class
B
Year Built
2014
Price
$16,576,550 CAD
Price Per SF
$297.87 CAD
Cap Rate
6%
NOI
$994,459 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.28
Lot Size
4.51 AC
Zoning
CR - Regional Commercial
AMENITIES
- Signage
- Signalized Intersection
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 643-080-057 | Improvements Assessment | $8,255,845 CAD |
| Land Assessment | $3,538,415 CAD | Total Assessment | $11,794,260 CAD |
PROPERTY TAXES
Parcel Number
643-080-057
Land Assessment
$3,538,415 CAD
Improvements Assessment
$8,255,845 CAD
Total Assessment
$11,794,260 CAD
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Hobby Lobby | 78810 Highway 111
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