HOBBY LOBBY CADILLAC, MI - REPRESENTATIVE PHOTO - Capital Pacific
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REPRESENTATIVE PHOTO HOBBY LOBBY CADILLAC, MI
Overview
HOBBY LOBBY
8866 E. 34 ROAD, CADILLAC, MI 49601
$5,961,340 6.50%
PRICE CAP
LEASEABLE SF LAND AREA LEASE TYPE
4.5 Acres LL Responsible for Roof &
50,323 SF
Structure*
LEASE EXPIRATION YEAR BUILT PARKING
2033 2018 170 Spaces
*20 YEAR ROOF WARRANTY
Brand new 15-year lease with four 5-year options.
Rental increases every five years.
$4 billion in 2016 revenues.
Forbes ranked #94.
Average household income within a 1-mile radius is over $80k.
REPRESENTATIVE PHOTO This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or 2
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Investment Highlights
Contact the
team
THE OFFERING provides an opportunity to acquire a Hobby Lobby in Cadillac, Michigan. JOHN ANDREINI
Hobby Lobby is a privately held company with 2016 revenue of over $4 billion. The company jandreini@capitalpacific.com
currently has over 32,000 employees and over 700 locations. Hobby Lobby is ranked #94
PH: 415.274.2715
on Forbes list of America’s Largest Private Companies. The property has excellent intrinsic
CA BRE#: 01440360
qualities given the low rent of $7.70 per foot and asking price of $118.46 per square foot of
building on 4.5 acres.
THE RETAIL MARKET Immediate area retailers include Walmart Supercenter, TJ Maxx,
Meijer, The Home Depot, Verizon and many others. The subject property is located in the
core of Wexford County serving a greater population of 33,000.
SURROUNDING AREA RETAIL
IN CONJUNCTION WITH
MI LICENSED BROKER:
Daniel H. Kukes
Landmark Investment Sales
dkukes@landmarkcres.com
248.488.2620
This information has been secured from sources we believe
to be reliable but we make no representations or warranties,
HOBBY LOBBY IS RANKED #94 ON FORBES LIST
expressed or implied, as to the accuracy of the information.
Buyer must verify the information and bears all risk for any
inaccuracies.
OF AMERICA’S LARGEST PRIVATE COMPANIES. 3
Aerial
OLD US HIGHWAY 131
22,900
VPD
PROPOSED BUS
E BOON ROAD 131
BUS
131
N MITCHELL STREET
GRAND
RAPIDS
4
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for
any inaccuracies.
Income & Expense SURROUNDING AREA RETAIL
PRICE $5,961,340
Price Per Square Foot: $118.46
Capitalization Rate: 6.50%
Total Rentable Area (SF): 50,323
Lot Size (AC): 4.50
STABILIZED INCOME PER SQUARE FOOT
Scheduled Rent $7.70 $387,487
Effective Gross Income $7.70 $387,487
LESS PER SQUARE FOOT
Taxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $387,487
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
5
Rent Roll
TENANT INFO LEASE TERMS RENT SUMMARY
CURRENT MONTHLY YEARLY MONTHLY YEAR
TENANT NAME SQ. FT. PERCENT OF GLA
RENT RENT RENT RENT/FT RENT/FT
Hobby Lobby 50,323 1 5 $387,487 $32,291 $387,487 $0.64 $7.70
6 10 $34,387 $412,649 $0.68 $8.20
11 15 $36,484 $437,810 $0.72 $8.70
Option 1 16 20 $38,581 $462,972 $0.77 $9.20
Option 2 21 25 $40,678 $488,133 $0.81 $9.70
Option 3 26 30 $42,775 $513,295 $0.85 $10.20
Option 4 31 35 $44,871 $538,456 $0.89 $10.70
TOTALS: 50,323 $387,487 $32,291 $387,487 $0.64 $7.70
*STORE SCHEDULED TO OPEN IN FEBRUARY 2018
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
6
Lease Abstract
EXPENSES TAXES
Tenant is responsible for the direct payment of
property taxes to the taxing authority.
PREMISE INSURANCE
& TERM Tenant shall maintain all-risk (special form)
commercial property insurance with limits
sufficient to replace one hundred percent (100%)
TENANT Hobby Lobby of the Landlord’s parcel improvements; general
BUILDING SF 50,323 SF liability insurance with a combined single limit of
LEASE TYPE Corporate not less than $3,000,000.
TERM 15 Years
RENT COMMENCEMENT February 2018 UTILITIES
EXPIRATION 2033 Tenant is responsible for direct payment of all
OPTIONS Four 5-year Options utilities to the appropriate billing authority.
TENANT’S OBLIGATIONS
Tenant is responsible for all maintenance and
repair to the entirety of all nonstructural portions
of the premise including HVAC.
RENT LANDLORD’S OBLIGATIONS
Landlord is responsible for roof (20-year roof
BASE RENT warranty) and structure.
DATE RANGE MONTHLY RENT ANNUAL RENT
1-5 $32,291 $387,487
6-10 $34,387 $412,649
11-15 $36,484 $437,810
OPTION RENTS
DATE RANGE MONTHLY RENT ANNUAL RENT
#1. 16-20 $38,581 $462,972
#2. 21-25 $40,678 $488,133
#3. 26-30 $42,775 $513,295
#4. 31-35 $44,871 $538,456
This information has been secured from sources we believe to be reliable but we make no representations or
warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and
7
bears all risk for any inaccuracies.
Site Plan
E 34 ROAD
BUS
131
50,323 4.5 170
RENTABLE SF ACRES SPACES
REPRESENTATIVE PHOTO
This site plan is a rendering that has been created based on sources we believe to be reliable. We make
no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer 8
must verify the information and bears all risk for any inaccuracies.
Tenant Overview
ABOUT HOBBY LOBBY
Hobby Lobby Stores, Inc., headquartered in Oklahoma
City, OK, operates over 700 stores across 47 states,
averaging 55,000 square feet each. Hobby Lobby
is an industry leading retailer offering more than
70,000 arts, crafts, hobbies, home décor, holiday, and
seasonal products. While Hobby Lobby continues
to grow steadily, the company carries no long-term
debt. Corporate headquarters include a 9.2 million-
squarefoot manufacturing, distribution, and office
complex in Oklahoma City. Hobby Lobby also maintains
offices in Hong Kong and Shenzhen, China.
Hobby Lobby is ranked #94 on Forbes list of America’s
Largest Private Companies.
REPRESENTATIVE PHOTO $4B 2016 REVENUES
This information has been secured from sources we believe
to be reliable but we make no representations or warranties,
expressed or implied, as to the accuracy of the information.
Buyer must verify the information and bears all risk for any
inaccuracies. 9
Demographics
CADILLAC
POPULATION
3-MILE 5-MILES 10-MILES
2010 11,448 16,660 30,303
2017 11,808 16,983 30,614
2022 12,088 17,273 30,926
2017 HH INCOME
1-MILE 3-MILES 5-MILES
GRAND RAPIDS
Average $80,289 $57,142 $58,388 (95 MILES)
Median $55,896 $43,170 $43,488
THE AVERAGE HOUSEHOLD
INCOME WITHIN A 1-MILE RADIUS
IS OVER $80K
This information has been secured from sources we believe to be reliable but we make no 10
representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must
verify the information and bears all risk for any inaccuracies.Location Overview
CADILLAC,
MICHIGAN
GRAND RAPIDS, MICHIGAN
CADILLAC is the county seat of Wexford County, Michigan, with EMPLOYMENT EMPLOYMENT IN WEXFORD
a population of 32,775. It situated just north of Grand Rapids, GROWTH COUNTY: From 2014 to 2015,
and south of Traverse City. Cadillic is home to Munson Hospital, employment in Wexford County,
Baker College, and Lake Cadillac. MI, grew at a rate of 1.74%, from
13,211 employees to 13,441 employees. The most common
Munson Healthcare Cadillac Hospital provides quality health industries in Wexford County, MI, by number of employees
care to more than 80,000 residents across seven counties. The are Manufacturing; Healthcare & Social Assistance; and
hospital staffs 49 acute-care beds with 65 active physicians. Retail trade.
Tourism is a vital component of Cadillac’s economic health. It
is estimated that 1,000,000 people visit annually. Cadillac is a This information has been secured from sources we
believe to be reliable but we make no representations or
four-season destination for vacationers and outdoor enthusiasts, warranties, expressed or implied, as to the accuracy of the
information. Buyer must verify the information and bears all
due in large part to the natural assets found in the area: Lakes risk for any inaccuracies.
Cadillac and Mitchell, state and national forests, recreational 11
trails, etc.We’d love to hear
from you.
JOHN ANDREINI
jandreini@capitalpacific.com
PH: 415.274.2715
CA BRE#: 01440360
IN CONJUNCTION WITH
MI LICENSED BROKER:
Daniel H. Kukes
Landmark Investment Sales
dkukes@landmarkcres.com
248.488.2620
CAPITAL PACIFIC COLLABORATES.
CLICK HERE TO MEET OUR
SAN FRANCISCO TEAM:
CHRIS KOSTANECKI DAVE LUCAS JOE CACCAMO
ZEB RIPPLE RICK SANNER JOHN ANDREINI
CHRIS PETERS AARON SUSMAN ZANDY SMITH
JACK NAVARRA
This information has been secured from sources we believe to be reliable but we make no representations or
warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all
risk for any inaccuracies.SURROUNDING AREA RETAIL SFO. PDX. SEA. CAITALPACIFIC.COM Copyright © 2017 Capital Pacific LLC
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