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Shopping Strip

Lubbock Tech Shopping Center

1803 7th St, Lubbock, TX 79401

Listing Price: $4,597,500

Cap Rate
7.00%
Gross SF
19,900
Rentable SF
19,900
Price/Gross SF
$231.03
Lot Size
1.78 acres
Year Built
2006

Investment Overview

The subject property is a stabilized 19,900-square-foot, multi-tenant retail center located in Lubbock, Texas. The center is 100 percent leased, and 79 percent of the gross leasable area has triple-net term. The tenant base is a complementary mix of national and local retailers, including GameStop, GNC, Cato, Metro by T-Mobile, Cricket Wireless, Wingstop, Lucky Chen Chinese Restaurant, Eskimo Hut, and a nail salon. Originally constructed in 2006, the building is situated on a 1.78-acre parcel with a concrete parking lot.

The subject property is located in a coveted area in the North Overton/Overton Park Development, near Texas Tech University. The subject property is situated one lot west of University Avenue facing 9th Street, enjoying excellent accessibility from multiple ingress points from 9th Street, Avenue X, and 10th Street. The property is two blocks south of the Marsha Sharp Freeway (Highway 82), the city’s major east/west thoroughfare that conveniently connects Interstate 27 to West Loop 289. National and regional retailers in the surrounding area include Raising Cane’s Chicken Fingers, Braum’s, Whataburger, Potbelly Sandwich Shop, Chipotle, Velvet Taco, Chase Bank, FedEx, City Bank, Chili’s Grill & Bar, Starbucks, and others. Walmart Supercenter constructed a new location in the district in 2006, with the building’s architecture coordinated to meet the architectural design and restrictions of Overton Park. Additional traffic to the area comes from several new hotels such as the Overton Hotel & Conference Center, the city’s largest four-star hotel with 304 rooms and suites, restaurant, and bar. The location also benefits from numerous apartment complexes in the area, which are popular student housing options.

Investment Highlights

  • 19,900-Square-Foot, Walmart Shadow-Anchored Retail Center
  • 100% Occupied | All Leases are Triple-Net | Current Average Rents are Below Market
  • Strong Tenant Mix | 64% of the GLA is Leased to National or Regional Retailers
  • Prime Location in the North Overton/Overton Park Development, Strategically Located Between Texas Tech University and Downtown | Focal Point of Shopping, Dining and Entertainment for the Surrounding Neighborhoods
  • 14 Student-Housing Complexes in the Area Providing Thousands of Units | Over 5,000 Residents Within Walking Distance to the Property

Exclusively Listed By

Shopping Strip

Lubbock Tech Shopping Center

Listing Price: $4,597,500

Cap Rate
7.00%
Gross SF
19,900
Rentable SF
19,900
Price/Gross SF
$231.03
Lot Size
1.78 acres
Year Built
2006

Investment Highlights

  • 19,900-Square-Foot, Walmart Shadow-Anchored Retail Center
  • 100% Occupied | All Leases are Triple-Net | Current Average Rents are Below Market
  • Strong Tenant Mix | 64% of the GLA is Leased to National or Regional Retailers
  • Prime Location in the North Overton/Overton Park Development, Strategically Located Between Texas Tech University and Downtown | Focal Point of Shopping, Dining and Entertainment for the Surrounding Neighborhoods
  • 14 Student-Housing Complexes in the Area Providing Thousands of Units | Over 5,000 Residents Within Walking Distance to the Property

Investment Overview

The subject property is a stabilized 19,900-square-foot, multi-tenant retail center located in Lubbock, Texas. The center is 100 percent leased, and 79 percent of the gross leasable area has triple-net term. The tenant base is a complementary mix of national and local retailers, including GameStop, GNC, Cato, Metro by T-Mobile, Cricket Wireless, Wingstop, Lucky Chen Chinese Restaurant, Eskimo Hut, and a nail salon. Originally constructed in 2006, the building is situated on a 1.78-acre parcel with a concrete parking lot. The subject property is located in a coveted area in the North Overton/Overton Park Development, near Texas Tech University. The subject property is situated one lot west of University Avenue facing 9th Street, enjoying excellent accessibility from multiple ingress points from 9th Street, Avenue X, and 10th Street. The property is two blocks south of the Marsha Sharp Freeway (Highway 82), the city’s major east/west thoroughfare that conveniently connects Interstate 27 to West Loop 289. National and regional retailers in the surrounding area include Raising Cane’s Chicken Fingers, Braum’s, Whataburger, Potbelly Sandwich Shop, Chipotle, Velvet Taco, Chase Bank, FedEx, City Bank, Chili’s Grill & Bar, Starbucks, and others. Walmart Supercenter constructed a new location in the district in 2006, with the building’s architecture coordinated to meet the architectural design and restrictions of Overton Park. Additional traffic to the area comes from several new hotels such as the Overton Hotel & Conference Center, the city’s largest four-star hotel with 304 rooms and suites, restaurant, and bar. The location also benefits from numerous apartment complexes in the area, which are popular student housing options.

Exclusively Listed By

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