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Tenant Net Leased Hobby Lobby Property sold By The Boulder Group
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Hobby Lobby property located at 212 Gable Crossing Drive in Avon, IN for $5,750,000.
The 56,100 square foot building was recently developed and is located in the western suburbs of Indianapolis. The single tenant property is leased to Hobby Lobby with a long term lease. Hobby Lobby is a private company specializing in arts and crafts with over 450 locations nationwide.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private company and the buyer, an institutional investment firm.
"Single tenant Hobby Lobby properties are very rare in the net lease market and investors are seeking non-investment tenants due to the scarcity of quality product" said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, "Assets located in primary metropolitan areas, such as Indianapolis, are where the majority of transactions are occurring in the single tenant marketplace."
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has participated in the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company's website address is www.bouldergroup.com
Hobby Lobby began operation August 3, 1972 with 300 square feet of retail space, located in North Oklahoma City. This was a retail outgrowth of Greco Products, a miniature picture frame company, founded by David Green in 1970. In January 1973, the operation was moved to a house near N.W. 23rd and Western, and the amount of retail space was increased to approximately 1,000 square feet.
Over the years this modest beginning has grown into 479 stores which operates in 40 states
The operation, now known as Hobby Lobby Stores, Inc., can no longer be considered just an arts and crafts store. With departments ranging from crafts, hobbies, picture framing, jewelry making, fashion fabrics, floral, cards & party, baskets, wearable art, home accents, and holiday supplies, Hobby Lobby is the place to shop with Super Selection, Super Savings . . . Everyday!
Hobby Lobby headquarters are located in a 3.4 million square foot manufacturing, distribution and office complex in Oklahoma City. In addition to our corporate office, other affiliated companies of Hobby Lobby headquartered at this location include:
The manufacturing area of the complex is a 725,000 square foot building adjacent to the main warehouse. This site houses Hobby Lobby's barewood, fixtures, and candle and scented products manufacturing and Crafts, Etc!'s stamp manufacturing and product packaging facilities.
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About the Author
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has participated in the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago.
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