2302 N Galloway Ave, Mesquite, TX 75150 For Sale

Corporate Guarantee
-The property is leased to Hobby Lobby Stores, Inc. and is doing business as Hobby Lobby and Mardel.
-Hobby Lobby is the largest privately owned arts-and-crafts retailer in the world and has over 1,000 stores.
-The Tenant has been at this current location for over 25 years.

Below Market Rents
-The Tenant is paying below market rents at only $5.25 per square foot.
-There are scheduled rent increases of $0.25 per square foot every 5 years in the option periods.

Robust Sales Performance
-Annual sales for the Tenant continue to be very strong each year at this location.
-The next nearest Hobby Lobby store is over 10 miles away from the subject property.

Strong Retail Corridor
-The property sits at a signalized hard-corner, positioned at the corner of Galloway Avenue (30k VPD) and Tripp Road.
-Hobby Lobby and Mardel are just minutes from major roadways I-635 and Highway 80.

Superior Demographics
-The immediate trade area pulls over 300,000 people in a 5-mile radius.
-Average household in the 5-mile radius is roughly $87,000.

Vista Crossing Shopping Mall
-Hobby Lobby and Mardel are shadow anchored tenants of Vista Crossing Shopping Mall.
-This 230,000-square-foot regional retail center is anchored by El Rio Grande and dd’s Discount.

NN Lease
-The current NN-structured lease allows for minimal landlord obligations.
-Tenant is responsible for CAM (including the parking lot), taxes, insurance, and HVAC.
-Landlord is responsible for maintaining and repairing the roof (under warranty until 2038), structure, underground utilities, and commercial general liability insurance.