Hobby Lobby, 4279 Lien Rd., Madison, WI
MADISON, WI—Agree Realty, a Bloomfield Hills, MI-based REIT, has acquired the Hobby Lobby store at 4279 Lien Rd., Madison, WI, from FSMW, a limited liability corporation, for $6.3 million, or about $126 per square foot. The transaction details were made available by Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions
Preet Sabharwal, Michael Scali and Sabrina Kortlandt of Marcus & Millichap's New York office secured the exclusive listing to market the property on behalf of the seller, and procured the buyer in the transaction as well. Todd Lindblom acted as the broker of record.
“This sale of a Hobby Lobby with less than 10 years remaining to an institutional buyer signifies that although retail is shifting, big box is not dead,” says Kortlandt.
More than 9,600 vehicles per day pass the Madison Hobby Lobby. Six miles south is the University of Wisconsin – Madison, which has more than 31,000 students enrolled. There are more than 117,000 residents within five miles with an average household income more than $78,000. Additional retailers in the immediate vicinity include: Hy-Vee, ALDI, Wendy's, FedEx, Jimmy John's, Taco Bell, Starbucks, Chick-fil-A and Olive Garden.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
