1859 14th Ave Albany, OR 97322 – Hobby Lobby | New 10-Year Lease | $0.50 Increases Every 5-Ye

Hobby Lobby | New 10-Year Lease | $0.50 Increases Every 5-Ye (Status: Available) 6450000

1859, 14th Ave, Albany, OR  97322

Marcus & Millichap’s Brown Retail Group has been selected to exclusively market for sale an AAA Location Corporate Hobby Lobby featuring below-market rent and 10 years of term located in Albany, OR. The Property is located in the central Albany, OR trade area and situated on an endcap of the Heritage Mall which receives over 3.3 million visitors annually and provides strong visibility, ample parking and multiple access points. The Property benefits from paying well below market rents with achievable anchor rents in the sub market being in the $13-$15 range providing for long term stability and upside. The Property features $0.50/SF rent increases every 5 years (7.5% rent increase in 5 years) with $0.75/SF rent increases starting in the 2nd option period. The cap rate increases to 6.98% wi

Listing Details

Asset Class: Retail
Year Built: 1989
Building Total Square Feet: 424612
Available Lease Space Square Feet: 62100
Number of Floors: 1
Total Parking Spaces: 0
Local Zoning Information: RC

Listing Courtesy of: Marcus & Millichap, Inc.

Disclaimer: The information contained in this listing has not been verified by Pacific Continental Realty, LLC and should be verified by the tenant or buyer.