Broadstone Net Lease adds USD 23 million in Hobby Lobby, Academy Sports build-to-suit projects in Texas pipeline
Reuters2026/08/26 09:29- Broadstone Net Lease added two build-to-suit retail developments in Manor, Texas, lifting its committed pipeline by USD 23 million.
- Projects cover a 55,000-square-foot Hobby Lobby store, estimated investment USD 10.34 million, targeted stabilization June 2027.
- Second site is a 55,000-square-foot Academy Sports store, estimated investment USD 12.44 million, targeted stabilization June 2027.
- Construction starts August 2026; both carry 15-year leases with annual rent escalations of 0.5% for Hobby Lobby, 0.4% for Academy Sports.
- Estimated cash cap rates are 7.1% for both developments; straight-line yields are 7.4% for Hobby Lobby, 7.3% for Academy Sports.
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