After it last traded in 2018, a Hobby Lobby in Palmdale is once again on the market. The 54,942 square foot retail asset is listed with an asking price of $13.73 million, or approximately $250 per square foot, according to marketing information from Faris Lee Investments.
The property is located at 40022 10th Street W. and was built in 2017 within the Destination 0-Eight Power Center, home to retailers like Walmart, Sam’s Club and Kohl’s. The asset is currently owned by Valuerock Investments Partners, which purchased it for $10.15 million, in a deal also brokered by Faris Lee Investments, according to a press announcement at the time of the sale.
Hobby Lobby currently has 12 years remaining on an original 15 year lease, according to the listing. The lease offers $1 per square foot rental increases every five years and currently has a net operating income of $686,755.
In addition to the Palmdale location, Hobby Lobby operates approximately 932 locations across the United States, generating $6.4 billion in revenue during 2021. Based in Oklahoma City, Okla., the retailer currently operates in 47 states.
The Palmdale store is located just off Route 14, which sees approximately 133,500 vehicles per day, according to Faris Lee Investments. The area is also largely developed with retail, including Simon Properties’ 1.1 million square foot Antelope Valley Mall, which is across from the site.
Additionally, Palmdale is home to a large population, with 520,000 people with an average household income of $72,000 per year living within the immediate vicinity of the property. There are also approximately 141,900 employees within the trade area of the property.
