Broadstone Net Lease adds USD 23 million in Hobby Lobby, Academy Sports build-to-suit projects in Texas pipeline
BNL•Texas build-to-suit projects added to pipeline
Broadstone Net Lease added two build-to-suit retail developments in Manor, Texas, lifting its committed pipeline by USD 23 million.
- The first project is a 55,000-square-foot Hobby Lobby store, with an estimated investment of USD 10.34 million and targeted stabilization in June 2027.
- The second project is a 55,000-square-foot Academy Sports store, with an estimated investment of USD 12.44 million and targeted stabilization in June 2027.
- Construction is expected to start in August 2026.
- Both projects carry 15-year leases with annual rent escalations of 0.5% for Hobby Lobby and 0.4% for Academy Sports.
- Estimated cash cap rates are 7.1% for both developments, while straight-line yields are 7.4% for Hobby Lobby and 7.3% for Academy Sports.
