Investment opportunity to acquire the fee simple interest in a 55,000-square foot Hobby Lobby. The NNN lease has a new 15-year lease that includes 7% base rent increases starting at the end of the 3rd year and continues to increase by 7% every 5 years. The building fronts Yellowstone Avenue, which has the highest traffic counts in the city/county and is surrounded by approximately 5 million square feet of retail property. Within the primary retail corridor at the heart of the Pocatello MSA, the subject property serves a trade area population of 160,000.
Strong tenant with long term lease, fifteen years remaining on new lease with additional renewal options
More than 2,500 jobs added to area within one mile of subject site within the past two years
Minimal competition, only one direct competitor within 50 miles
Within dense retail corridor, more than 5 million square feet of retail space
Surrounding retailers include; The Home Depot, AMC Theater, Ulta Beauty, Walmart Supercenter, Costco, T.J. Maxx, Shoe Carnival, Dick’s Sporting Goods, Ashley Furniture, Ross Dress for Less, Bed Bath & Beyond.
Since 2013, $28 million has been invested in the surrounding property