Transwestern is pleased to offer for sale to qualified investors a long-term net leased property in Algonquin, IL. The fee simple offering is100 percent leased to Hobby Lobby.The lease commenced in August of 2012 and has a 15-year primary term, with three five-year tenant options to extend. Rent increases fifty cents per square foot every five years during the primary term as well as the option periods.The subject property is located on the southwest corner of Randall Road and Corporate Parkway. Over 43,700 cars pass the property daily. The area has a three-mile average household income of $116,896 and a five-mile population of over 147,194 people.Developed in 2012, the property consists of three acres of land improved with a 55,161 SF Hobby Lobby store. The duration of the corporate guaranteed lease, strong market co-tenancy, high barriers to entry and high traffic counts make this property a solid long-term investment.Hobby Lobby is a leader in the arts and crafts industry. The company currently has over 600 locations across the nation that average 55,000 square feet and stock more than 67,000 crafting and home décor products. With over $3 Billion in revenue, steady growth and no long term debt, Hobby Lobby has excellent financial fundamentals and is consistently included in Forbes list of America’s Largest Private Companies.
- Property Type : Retail
- Property Size : 55,161