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Broadstone starts build-to-suit for Hobby Lobby and Academy Sports

The projects are expected to deliver in Q2 2027 on 15-year leases with 0.5% and 0.4% annual rent escalations.

Reported · Written up by our desk · Industry

Broadstone Net Lease (BNL) has secured land in Manor and begun construction on build-to-suit developments for Hobby Lobby and Academy Sports, according to ConnectCRE. The transactions were directly sourced and completed off-market.

Both retailers are set for facilities of 55,000 square feet each, with 15-year lease terms. BNL said Hobby Lobby’s lease includes annual rent escalations of 0.5%, while Academy Sports’ lease includes 0.4%.

ConnectCRE reported the developments are expected to deliver in the second quarter of 2027. BNL is described as an industrial-focused, diversified net lease REIT with a portfolio of 766 individual net-leased commercial properties across the United States and Canada.

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