Net Lease Industry

Cap Rate


Lowest cap rate over past 24 months

Cap Rate


12 mo avg with 5+ yr lease term

Known for their highly visible real estate, Hobby Lobby Stores, Inc., continues to see industry leading sales figures in the arts & crafts sector, and repeatedly achieves the Forbes list of largest privately held corporations in the US as a financially solvent and highly attractive brand. Lease contracts may span from five to fifteen years, but ten year NNN leasing terms are seen most often, in addition to their star credit reputation. With rental increases during initial leasing terms and option renewals, Hobby Lobby usually offers first term leasing of fifteen years with 3 separate 5 year options to renew. While landlord responsibilities are variable, in most cases they are relinquished from obligations to building maintenance costs.
Average Property & Lease
Average Sale Price $4,000,000 - $12,000,000
Average NOI $300,000 - $900,000
Building SF 55,000 - 65,000
Lease Term 15 Years
Escalations Varies
Stock Symbol CAPITALCOM:US500





As an industry leader in arts & crafts, Hobby Lobby Stores, Inc., can be seen in Forbes and Fortune’s list as one of the largest privately held corporations in the U.S. In addition to being financially solvent, they continue to expand, likely with attributions to their Christian rooted principles. They are known for their generosity and charitable works in local neighborhoods, as well as working with many different charities.

Back in 1972, Hobby Lobby started with just three hundred sq. ft. out of Oklahoma City, OK. They first began as a garage-based effort 2 years prior, headed by David Green. They worked with Greco Products, a picture frame manufacturer at first, then later with the Christian educational store Mardel alongside Hemispheres furnishings. With over 67k products ranging from crafts to home decorations, each of their 569 properties in the U.S. have average dimensions of 55k sq. ft.

  • Highly visible real estate
  • Limitations on landlord accountability
  • Well known branding within the USA
  • Privately-held corporation
  • Graded non-investor
  • Tenant relocation may become difficult to re-lease
Founded 1972
Headquarters Oklahoma City, Oklahoma
Number of Locations 969
Revenue $5 B
Company Website
Key Principal David Green