• An Award Winning Net Lease & Retail Commercial Real Estate Group

Hobby Lobby – 50,000 People within 1 Mile Radius

1995 W 49th St, Hialeah, FL 33012, USA
$13,770,782

Description

Marcus & Millichap is pleased to present for sale, the 100 percent Fee Simple interest in the Hobby Lobby located on the hard-signalized intersection of West 49th Street and the Palmetto Expressway in Hialeah, Florida.
The highly visible 43,928 square foot building benefits from and is accessible to an excess of 294,000 vehicles daily. Comprised of 3.34 acres, the out-parcel to the Westland Mall which sees an annual 5.5 million visitors, also benefits from its strategic location on one of the busiest destinations in the West 49th retail corridor. The 49th street retail corridor is one of the most successful and dense retail submarkets in all of Miami, with annual sales of $600 per square foot. Additionally, the property has easy access to the neighboring upper-income communities of Doral, Palm Springs North and Miami Lakes via the Palmetto Expressway and Miami Springs via Okeechobee Road.
Hialeah is one of the most dynamic and densely populated cities in South Florida. There are over 210,000 people living within a three-mile radius of the subject property and well over 400,000 in a five-mile radius. This high-density demographical area is under-retailed for the amount of population. Due to the lack of available buildable commercial land, this has created an incredibly constant demand for retail.
The building was constructed in 2016 with concrete tiltwall construction. Hobby Lobby is operating under a 15-year triple-net lease with 12 years of term remaining. The lease is guaranteed by Hobby Lobby Stores, Inc., an internationally recognized brand with 843 stores and a very strong corporate structure with over $4.5 billion in gross sales worldwide. It is ranked as the 106th largest private company in the United States by Forbes.
This investment property offers a rare opportunity for an investor to acquire a long term, net leased asset with strong corporate backed cash flow in a trophy location of Miami, Florida.

  • Corporate Guaranteed Hobby Lobby Lease
  • Hobby Lobby is an internationally recognized brand currently operating 843 stores with an estimated revenue of $4.5 Billion (2018)
  • 12 Years Remaining with Minimal Landlord Responsibilities
  • 2016 Construction
  • Prominent High Profile Location with Incredible Visibility to 294,000+ Vehicles Daily
  • High Density Demographics – 216,600 within 3 Miles doubles to 438,400 within 5 Miles
  • Daytime employment of 110,900 people within 3 miles, 272,700 workers within 5 Miles
  • Growth Market – Projected 5-year population growth rate of 6.2% versus 3.7% US National Average
  • Outparcel to Westland Mall with 5.5 Million Visitors Annually and Strong Mall Sales at $672/FT (Above National Average)
  • Rare Concrete Tilt Wall Construction Building
  • Limited to Zero Competition

Download Offering Memorandum

  • City: Hialeah
  • State/county: Florida
  • Zip/Postal Code: 33012
  • Country: United States

Detail

  • Price: $13,770,782

Additional details

  • Cap Rate: 5.75%
  • NOI: $791,820

Features