Broadstone Inks Hobby Lobby, Academy Sports as Manor Tenants

Broadstone Net Lease (BNL) secured land in Manor and started construction on build-to-suit developments for Hobby Lobby and Academy Sports, both of which were directly sourced, off-market transactions, and are expected to deliver in the second quarter of 2027.

Hobby Lobby and Academy will be 55,000 square feet, and each is on a 15-year lease. Hobby Lobby’s lease has annual rent escalations of 0.5%, and Academy’s lease has 0.4% annual rent escalations.

Broadstone is targeting the second quarter of 2027 to deliver the projects.

BNL is an industrial-focused, diversified net lease REIT that invests primarily in single-tenant commercial real estate properties net leased on a long-term basis. BNL’s diversified portfolio consisted of 766 individual net-leased commercial properties with 759 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

Academy plans to open 20 to 25 new stores in fiscal year 2026.