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.