Location Tailor Made for Crafts Store
Harry Bell/penfed realty
A shopping center with well-established stores in a high traffic area proved well suited — with a little bit of help — to a Hobby Lobby store. The popular craft supply store is properly excited about its new location.
The Shore Shopping Center was acquired, redeveloped and retenanted in 2006 and was home to anchors including Target and Winn-Dixie. The developer was in the process of courting additional retailers prior to the onset of the recession in 2008.
With a prime location attracting high traffic counts of 54,000 vehicles per day, the shopping center was sure eventually to be filled.
Broker Harry Bell sold the Hobby Lobby site to a private investor for $1.1 million and represented the buyer in bringing about a build-to-suit project.
“We were faced with challenges initially with the development of Hobby Lobby because the site limited the prototype size,” Bell said. “The city was a big help overcoming those challenges by working with the new ownership to find a solution that would satisfy all parties involved.”
In the end, the sale was successful and the building was consistent with the framework of Hobby Lobby stores. It has proven to be a significant addition to the trade area as well as the community. The store is easily spotted and shopped thanks to being in a core retail area consisting of shopping, dining and entertainment. Crafty community members rejoice.
Address: 875 Harbor Blvd., Destin
Square Feet: 55,000
Sold Price: $8,000,000
Contact: Harry Bell, Broker Associate, Berkshire Hathaway HomeServices PenFed Realty
(850) 240-0527 | firstname.lastname@example.org