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.