Located at the signalized intersection of West 49th Street and the Palmetto Expressway in Hialeah, Florida, this is an opportunity to buy a 100 percent Fee Simple interest in the Hobby Lobby property. The property consists of a 43,928 sq.ft., building that sees a traffic count of more than 294,000 vehicles per day. The property sits on a massive 3.34 acres of land and serves as the out-parcel to the Westland Mall, which receives over 5.5 million visitors annually. With annual sales of approximately $600 per sq.ft., the 49th street retail corridor is undoubtedly one of the most successful and dense retail submarkets in entire Miami. Being attached to Palmetto Expressway and Miami Springs via Okeechobee Road, the subject property also benefits from nearby upper-income communities of Doral, Palm Springs North, and Miami Lakes.
Hialeah is one of the most densely populated cities in South Florida. There is a population of around 210,000 residents within a three-mile radius of the subject property, and more than 400,000 people live in a five-mile radius. There are not sufficient retail properties in comparison to the vast population of the city. The unavailability of buildable commercial land has significantly increased the demand for retail. The subject property was built in 2016 with concrete tilt-wall construction. Hobby Lobby has signed a 15-year triple-net lease that has 12 years of term remaining. Hobby Lobby Stores Inc backs the lease. With around 843 stores and a robust corporate structure with more than $4.5 billion in sales worldwide, Hobby Lobby is an internationally recognized brand. The company is ranked 106th by Forbes in the list of largest private companies in the United States. This is a golden chance for investors to own a long term net-leased asset that has strong corporate-backed cash flow in an amazing location in Miami, Florida.
This investment property is suitable for a 1031 exchange.
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