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3,025-SF freestanding retail property, 2625 50th Street, Lubbock, TX
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| Evan Altemus |
LUBBOCK, TX -- Stan Johnson Company, one of commercial real
estate’s leading investment sales brokerage firms, has announced the sale of a
freestanding retail property located at 2625 50th Street in
Lubbock, Texas.
The
3,025-square-foot building is leased to two tenants: AT&T and Rita’s
Donuts.
Stan Johnson Company’s Evan Altemus
represented the Texas-based private buyer who acquired the asset in a 1031
exchange for approximately $1.0 million.
The property was sold by NetCo Investments Inc., a
developer from Santa Monica, California. The cap rate was not disclosed.
“The buyer had been looking for an asset with a higher cash
flow and cap rate but decided to acquire something lower risk due to COVID-19,”
said Altemus, Associate Director in Stan Johnson Company’s Dallas, Texas
office.
“Overall, deals with less risk located in markets
with a lower impact from the pandemic have been in high demand from buyers
since last March.”
Originally built in 1986, the dual-tenant property sits on a
0.36-acre outparcel to Home Depot, adjacent to a highly visible shopping center
anchored by Dollar Tree and Ross Dress for Less. Both AT&T and Rita’s
Donuts feature net leases with regular rent increases.
“The buyer liked the asset because it was on a major
thoroughfare in Lubbock in front of a Home Depot, which has been doing well
through the pandemic,” Altemus added. “The motivation behind this transaction
is a great example of the type of deals getting done in this environment.”
CONTACT:
David
Ebeling
Ebeling
Communications
949.861.8351
949.278.7851
(Cell)
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