A California-based real estate investment trust has purchased the recently constructed home of Hobby Lobby in Greece.
Exchangeright Net-Leased Portfolio 64 of Pasadena paid $8.536 million for the property at 1960 West Ridge Rd. Big Ridgecrest LLC of Henrietta, an entity managed by Frank Imburgia Jr., was the seller.
The 55,129-square-foot property was created for Hobby Lobby on the former site of an Ashley home store and put on the market earlier this year. Hobby Lobby’s triple-net lease runs through 2035, with options to renew, according to digital real estate marketplace Crexi. The store opened in July.
Exchangeright Net-Leased buys properties that have at least 10 years remaining on a lease with the commercial tenant, primarily targeting necessity retail and healthcare.
The REIT has $5.6 million in assets under management through 1,200 properties across 47 states, according to its website.
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