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Offering Memorandum Representative Photo 4101 Yellowstone AvenueCAPIT |AL Chubbuck, MARKETS NET Idaho LEASE PROPERTY 83202 GROUP OFFERING MEMORANDUM REPRESENTATIVE PHOTO TABLE OF CONTENTS Primary Contact DON ZEBE Executive Summary.....................................3 Senior Vice President +1 208 403 1973 [email protected] Property Description....................................8 CBC Advisors 2043 East Center Street Market Overview.......................................10 Pocatello, ID 83201 THE OFFERING CBC Advisors is pleased to extend the opportunity Founded in 1972, Hobby Lobby Stores, Inc. is the largest privately-owned arts-and- to acquire fee simple interest in a 55,000-square crafts retailer with more than 800 stores across the nation. Hobby Lobby offers more foot Hobby Lobby. The lease has a below market than 70,000 arts, crafts, hobbies, home decor, Holiday, and seasonal products. The rent, three 5-year renewal options, and strong company has had strong growth with 63 new stores, which includes 12 relocated rental increases throughout. The asset is located stores during 2017. Hobby Lobby plans to continue its expansion by adding 60 new in Chubbuck, Idaho (Bannock County), which locations and hiring 2,500 new employees in 2018. The Hobby Lobby is included in is in the southeastern portion of Idaho, at the Forbes’ annual list of America’s largest private companies and had December 2016 convergence of Interstate 15 and 86. sales exceeding $4.3 billion. Hobby Lobby is ideally situated as an anchor on the south end of Pine Ridge Mall. Pine Ridge Mall is a 646,000-square foot enclosed mall also anchored by C-A-L Ranch, JCPenney, Herberger’s, and Shopko. Since acquisition in 2013, ownership has invested approximately $28 million in improvements and additions to the mall. National retailers within the corridor 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, and Bed Bath & Beyond. Hobby Lobby is located in the heart of the Pocatello MSA retail corridor which serves an expansive trade area. Within a 25-mile radius is a population of approximately 125,000. When extended to a 50- mile radius, the population swells to 250,000. Additionally, Hobby Lobby is located approximately four miles northwest of Idaho State University which enhances the population base that the asset draws from. REPRESENTATIVE PHOTO 3 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS SECURE TENANCY EXPANSIVE TRADE AREA Hobby Lobby’s lease currently has over eight years of term Hobby Lobby sits at the center of what is assured to be the remaining, a below market rent, three 5-year renewal options, primary regional hub of retail activity for an expansive trade and strong rental increases. Hobby Lobby is the largest privately- area. Within a 25-mile radius is a population of approximately owned arts and crafts retailer in the United State with over 800 125,000. When extended to a 50-mile radius, the population locations and 60 more locations planned for 2018. swells to 250,000. Strengthening the demographics further is the corridor’s proximity to Idaho State University, which is located just four miles southeast of the asset. Idaho State University has PINE RIDGE MALL ANCHOR over 12,000 students enrolled and employs more than 3,600. Hobby Lobby is an anchor located at the south end of Pine Ridge Mall, a 646,000-square foot enclosed mall. Pine Ridge Mall is VISIBILITY AND TRAFFIC COUNTS also anchored by C-A-L Ranch, JCPenney, Herberger’s, and Shopko. The mall is the only enclosed mall in Bannock County Hobby Lobby is ideally situated just south of Interstate 86, and has annual consumer traffic of 3.5 million. Since acquisition providing convenient access for the surrounding communities. in 2013, ownership has invested approximately $28 million in The asset is highly visible at the northwest corner of Yellowstone improvements and additions to the mall. Avenue and Quinn Road. Traffic counts near the asset exceeds 39,154 vehicles per day. PRIMARY RETAIL CORRIDOR Hobby Lobby is located in the heart of the dense Pocatello MINIMAL COMPETITION NEARBY MSA retail corridor. The MSA encompasses approximately 4.9 Hobby Lobby holds an excellent market position with limited million square feet of retail space and home to national retailers competition within close proximity. Hobby Lobby’s only direct including The Home Depot, AMC Theater, Ulta Beauty, Walmart competition in the trade area is Jo-Ann Fabrics. The next closest Supercenter, Costco, T.J. Maxx, Shoe Carnival, Dick’s Sporting competitor is over 50 miles away in Idaho Falls, Idaho. Goods, Ashley Furniture, Ross Dress for Less, and Bed Bath & Beyond. 4 EXECUTIVE SUMMARY FINANCIAL OVERVIEW Offering Price: $5,215,000 Tenant shall maintain on the Leased Premis- es (i) commercial general liability insurance, Cap Rate: 6.75% (ii) all-risk commercial property insurance, (iii) property insurance covering Tenant’s Personal Current Annual Rent: $352,000 Insurance: Property, and (iv) workers’ compensation in- Lease Structure: Net surance. Tenant shall also pay pro rata share Year Built: 2016 of Insurance Premiums for the Common Area payable to Landlord. Parking: 110 parking spaces Landlord shall pay all ad valorem real estate Building Size: 55,000 Square Feet taxes levied by a taxing authority against the Landlord Controlled Property, or a smaller tax Tenant: Hobby Lobby parcel that includes the Leased Premises, on or Guarantor: Hobby Lobby Stores, Inc. before the last day that such taxes may be paid Taxes: without penalty, commission, interest, or other Lease Term: 10 Years charges, or at an earlier date which will secure Lease Commencement: September 5, 2016 the maximum discount, rebate, or other reduc- tion. Tenant shall pay pro rata share of taxes to Lease Expiration: September 30, 2026 Landlord. Lease Term Remaining: 8 Years, 7 Months Renewal Options: Three, 5-Year Options RENT SCHEDULE 8% in Year 6 of the base term, 7% in the first Monthly Annual Rental Increases: and second renewal option and 6% in the third Lease Year Lease Dates renewal option. Rent Rent 1 - 5 9/5/2016 to 9/30/2021 $29,333.33 $352,000.00 Landlord Roof and Structure Responsibilities: 6-10 10/1/2021 to 9/30/2026 $31,625.00 $379,500.00 Tenant shall pay all charges for Tenant’s Util- Option 1: 11- 15 10/1/2026 to 9/30/2031 $33,916.67 $407,000.00 Utilities: ities usage during Tenant’s occupancy of the Option 2: 16 - 20 10/1/2031 to 9/30/2036 $36,208.33 $434,500.00 Leased Premises. Option 3: 21 - 25 10/1/2036 to 9/30/2041 $38,500.00 $462,000.00 CAM: There are no CAM expenses for this parcel. 5 EXECUTIVE SUMMARY AERIAL LOOKING SOUTHEAST 6 EXECUTIVE SUMMARY REGIONAL MAP 7 EXECUTIVE SUMMARY SITE PLAN 8 PROPERTY DESCRIPTION TENANT PROFILE Tenant Name: Hobby Lobby Stores, Inc. Ownership: Private Locations: 800+ Website: www.hobbylobby.com Founded in 1972, Hobby Lobby Stores, Inc. is the largest privately-owned arts-and-crafts retailer with more than 800 stores across the nation. Hobby Lobby stores average 55,000 square feet and offer more than 70,000 crafting and home decor products including floral, fabric, needle art, custom framing, baskets, home accents, wearable art, arts and crafts, jewelry making, scrapbooking and paper crafting supplies among other items. The company has had strong growth with 63 new stores, which includes 12 relocated stores during 2017. Hobby Lobby plans to continue its expansion by adding 60 new locations and hiring 2,500 new employees in 2018. Hobby Lobby employs over 32,000 and has their corporate headquarters is located in Oklahoma City and consists of a 9.2 million square foot manufacturing, distribution, and office complex. The company is included in Forbes’ annual list of America’s largest private companies and had December 2016 sales exceeding $4.3 billion. REPRESENTATIVE PHOTO 9 PROPERTY DESCRIPTION POCATELLO MSA OVERVIEW Hobby Lobby is located within Chubbuck, Idaho (Bannock County), in southeastern Idaho at the convergence of Interstate 15 and 86. Chubbuck is part of the Pocatello metropolitan statistical area (MSA) and situated approximately 50 miles southwest of Idaho Falls, Idaho, 168 miles north of Salt Lake City, Utah, and 233 miles east of Boise, Idaho. Known as the “Gateway to the Northwest”, Pocatello was founded as one of the first railroad stops in Idaho during the gold rush and later became an important center for agriculture. The MSA is located along the Portneuf River where it emerges from the mountains onto the Snake River Plain, along route of the Oregon Trail. TRANSPORTATION serves an expansive trade area. Within a 25-mile radius is a population of The Pocatello MSA is conveniently located at the convergence of Interstate approximately 125,000. When extended to a 50-mile radius, the population 15 and 86, providing immediate access in any direction. Interstate 15 is a swells to 250,000. primary north-south interstate in eastern Idaho that stretches 196 miles from the Utah state line to Montana’s state line. Interstate 86 the major cities in EDUCATION eastern Idaho including Pocatello, Idaho Falls, and Twin Falls. The interstate The Pocatello MSA is home to Idaho State University, a Carnegie-classified runs 63 miles from an intersection with Interstate 84 to an intersection with doctoral research and teaching institution that was founded in 1901. Over interstate 15. 12,000 students attend the school and have access to more than 250 programs at the main campus in Pocatello as well as locations in Meridian, Southeast Idaho is served by the Pocatello Regional Airport. The airport is Idaho Falls, and Twin Falls. The MSA is well educated with 37% of residents located off of Interstate 86 and offers three round-trip flights per day between age 25 and over having an Associate’s Degree or higher.
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