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.”