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Shopping Strip

Northpark Slide Retail Center

116 W Loop 289 Acc Rd, Lubbock, TX 79416

Listing Price: $4,600,000

Cap Rate
6.28%
Gross SF
13,459
Rentable SF
13,459
Price/Gross SF
$341.78
Lot Size
2.09 acres
Year Built
2013

Investment Overview

Marcus & Millichap is pleased to present Northpark Slide Retail Center, a stabilized multi-tenant retail asset located in a rapidly developing submarket of Lubbock, Texas. The subject property is 13,459 square feet and is currently 87.96 percent occupied with restaurant and experiential retail tenants, with several areas of outdoor patio space. The asset also provides a new investor the opportunity for immediate upside through lease-up of the current vacancy and to be strongly positioned over time in a developing area of Lubbock, surrounded by newly constructed Class A multifamily, retail, and hospitality assets. Recent developments in the immediate area include Wingate by Wyndham, an 83-room hotel, Alamo Drafthouse Cinema, Circle K, and Slide North, a 289-unit multifamily complex. The city of Lubbock is the 11th most populous city in Texas, with over 289,000 residents. Nicknamed "Hub City", Lubbock is known for being the economic, educational, and healthcare hub of the multi-county region of the South Plains. Lubbock is also home to Texas Tech University, which is located approximately 1.3 miles from the subject property. Texas Tech features an undergraduate enrollment of more than 30,000 students with an average annual tuition of more than $24,000 and a graduation rate of over 60 percent. The average household income exceeds $68,000 within a one-mile radius of the subject property and nearly 62,000 households within a ?ve-mile radius. Overall, Northpark Slide Retail Center offers a new investor the opportunity to acquire a prime retail asset in a rapidly developing submarket of Lubbock, Texas. The subject property features a strong mix of experiential tenants, with multiple sections of open-air patio space for outdoor dining. A new investor will have the opportunity to add value through leasing up the remaining vacancy of 1,621 square feet, suitable for a restaurant tenant, allowing for a stabilized investment over time.

Investment Highlights

  • 13,549-SF Retail Portfolio | Situated on 2.09-AC
  • Currently 87.96% Occupied | Immediate Upside Potential
  • Strong Tenant Mix of Experiential & Internet-Resistant Tenants
  • Proximate to Texas Tech University | Adjacent to New Class A Development

Exclusively Listed By

Financing By

Shopping Strip

Northpark Slide Retail Center

Listing Price: $4,600,000

Cap Rate
6.28%
Gross SF
13,459
Rentable SF
13,459
Price/Gross SF
$341.78
Lot Size
2.09 acres
Year Built
2013

Investment Highlights

  • 13,549-SF Retail Portfolio | Situated on 2.09-AC
  • Currently 87.96% Occupied | Immediate Upside Potential
  • Strong Tenant Mix of Experiential & Internet-Resistant Tenants
  • Proximate to Texas Tech University | Adjacent to New Class A Development

Investment Overview

Marcus & Millichap is pleased to present Northpark Slide Retail Center, a stabilized multi-tenant retail asset located in a rapidly developing submarket of Lubbock, Texas. The subject property is 13,459 square feet and is currently 87.96 percent occupied with restaurant and experiential retail tenants, with several areas of outdoor patio space. The asset also provides a new investor the opportunity for immediate upside through lease-up of the current vacancy and to be strongly positioned over time in a developing area of Lubbock, surrounded by newly constructed Class A multifamily, retail, and hospitality assets. Recent developments in the immediate area include Wingate by Wyndham, an 83-room hotel, Alamo Drafthouse Cinema, Circle K, and Slide North, a 289-unit multifamily complex. The city of Lubbock is the 11th most populous city in Texas, with over 289,000 residents. Nicknamed "Hub City", Lubbock is known for being the economic, educational, and healthcare hub of the multi-county region of the South Plains. Lubbock is also home to Texas Tech University, which is located approximately 1.3 miles from the subject property. Texas Tech features an undergraduate enrollment of more than 30,000 students with an average annual tuition of more than $24,000 and a graduation rate of over 60 percent. The average household income exceeds $68,000 within a one-mile radius of the subject property and nearly 62,000 households within a ?ve-mile radius. Overall, Northpark Slide Retail Center offers a new investor the opportunity to acquire a prime retail asset in a rapidly developing submarket of Lubbock, Texas. The subject property features a strong mix of experiential tenants, with multiple sections of open-air patio space for outdoor dining. A new investor will have the opportunity to add value through leasing up the remaining vacancy of 1,621 square feet, suitable for a restaurant tenant, allowing for a stabilized investment over time.

Exclusively Listed By

Financing By

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