Chicago & Midwest + Midwest + Net Lease | April 13, 2023

Kansas Hobby Lobby Trades Despite Deal Complexities

Marcus & Millichap arranged the sale of Hobby Lobby & Bomgaars, an 87,119-square-foot net-leased property located in Hutchinson, KS. The retail asset sold for $6,547,231.

Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, marketed the property on behalf of the seller, a limited liability company. Colby Haugness, Kansas broker of record, assisted in closing this transaction.

Hobby Lobby & Bomgaars is located at 1500 E. 11th St. in Hutchinson. “When the seller said he was ready to sell, we knew we needed the right buyer to overcome the complexities of the existing leases and the property’s relationship to an adjoining mall,” said Ruble. “The buyer we selected stepped up as anticipated and was able to work through all of the property’s issues with the seller, which resulted in a successful closing.”

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Marcus & Millichap's Ruble

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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