Academy Sports + Outdoors - Mishawaka, IN

Attractive Lease Structure – The property operates under a double-net (NN) lease with minimal landlord responsibilities, supported by a 15-year roof warranty. The lease was executed at the corporate level with a 15-year base term, complemented by three 5-year renewal options. The lease has built-in rental escalations every five years providing long-term income growth and stability.
Strong Sporting Goods Tenant – Academy Sports + Outdoors ranks among the nation’s largest sporting goods retailers, serving millions of customers each month. The publicly traded company is executing an aggressive growth strategy, with 25 new store openings planned for fiscal year 2025. In 2024, Academy reported revenues of approximately $5.93 billion, underscoring its scale, financial strength, and long-term stability as a tenant.
E-Commerce Resistant Industry – While e-commerce has disrupted many traditional retailers, the sporting goods sector continues to thrive on in-person shopping. According to Academy’s Q3 2025 10-Q filing, approximately 90% of its sales came from brick-and-mortar stores, with only about 10% generated online.
Strategic Location – The property is ideally situated in a major retail corridor with neighboring tenants such as Home Depot, Sam’s Club, Walmart, ALDI and others. Academy will be a Co-anchor to Wilshire Plaza which sees over 3M visitors annually (Placer.ai).
Strong Submarket for National Retailers – Nearby tenants perform well above the national average within this submarket. According to Placer AI, the following tenants rank in the top 10% across the nation for their respective brand; ALDI, Target, Walmart, Chick-Fil-A, Kohls, PetSmart, Dunham Sports.
Robust Demographics – There are more than 156k people in a 5-mile radius with an average household income of $82,613.

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Kyle Matthews