Hobby Lobby - East Hanover, NJ_Property for Sale
Hobby Lobby - East Hanover, NJ_Property for Sale
180 Route 10 West, East Hanover, NJ, 07936, US

Hobby Lobby - East Hanover, NJ

Asset Description

JLL is pleased to exclusively offer for sale the brand-new Hobby Lobby in East Hanover, NJ (the “Property” or the “Asset”) within the greater New York City MSA. The Property is favorably situated within East Hanover Plaza, New Jersey’s second busiest neighborhood retail center with more than 5 million annual visits, per Placer Ai. Notable retailers within East Hanover Plaza include Costco, Home Depot, Target, HomeGoods, and PGA Superstore. The center’s positioning along NJ-10 benefits from its direct exposure to more than 30,000 VPD. East Hanover is a highly affluent community approximately 25 miles east of Manhattan. The Asset’s surrounding 1-mile radius is comprised of 13,000+ residents with average annual household incomes exceeding $260,000.

Upon opening in summer 2024, Hobby Lobby (the “Tenant”) will commence its 12-year, absolute NNN lease with 2.00% annual escalations and zero landlord responsibilities. This offering presents a passive income opportunity for investors seeking growing, long-term cash flow backed by industry-leading tenancy in a premier market with exceptional real estate fundamentals.

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Attributes

Building area net
54,717 sf
Occupancy
100%
Year built
2015
Land area gross
4.16 acres
WAULT
12 years
Annual escalation
Fixed

Media

Investment Highlights


  • Located in the middle of East Hanover Plaza, New Jersey's second busiest neighborhood retail center anchored by Costco, Home Depot, Target and other national retailers


  • New Hobby Lobby location subject to a fresh12-year Abs NNN lease with annual 2.00% growth and zero landlord responsibilities


  • Highly affluent NYC suburb with AHHI within 1-mile exceeding $260,000
Hobby Lobby - East Hanover, NJ 4_Property for Sale
Hobby Lobby - East Hanover, NJ 4_Property for Sale

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Hobby Lobby - East Hanover, NJ (0 Properties)

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Last updated
30 May 2024