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Best Buy, Lubbock, TX

Best Buy

Price $9,360,000
Cap Rate 6.25%
NOI $585,000
Lease Term 10 Years, with 9 Years Remaining
Lease Type Net, with Tenant Responsible for Taxes, Insurance, and Maintenance, Excluding Roof, Structure, and Parking Lot
Rental Increases $0.50 PSF Increase in Each Option
Year Built 2018
Building Size 45,000 SF
Lot Size 4.11 Acres (179,031 SF)
Status Under Contract
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

LONG-TERM NET LEASE TO INVESTMENT GRADE TENANT
» Leased to Best Buy (NYSE: “BBY”)
» Corporate lease to investment grade tenant, rated “BBB” by Standard & Poor’s
» In its most recent fiscal year, Best Buy’s total revenue climbed to $42.8 billion with over 1,200 locations nationwide
» Best Buy’s stock price has increased more than 200% over the past five years

FREEWAY-VISIBLE RELOCATION SITE IN 500,000-SF COMMERCIAL DEVELOPMENT
» Conveniently located along West Loop 289, with excellent visibility and access to 67,254 vehicles per day
» The property has been relocated to a freeway-visible spot with immediate access to on- and off-ramps for West Loop 289, which serves as Lubbock’s beltway and is a major corridor for tourist, commuter, and commercial traffic
» Centrally located between 19th Street (36,570 AADT) and 34th Street (20,317 AADT), greatly increasing traffic to the property
» Prominent location in West End Center, Lubbock’s premiere outlet and lifestyle shopping destination, featuring notable retailers like Cabela’s, Duluth Trading Company, Chick-fil-A, Marshalls, Nike Factory, P.F. Chang’s, and many more
» Future plans for West End include two hotels with business and conference amenities with ALoft Hotel to open fall of 2020

STRONG CUSTOMER BASE
» Minutes from Texas Tech University (38,209 students and 11,848 employees), a large public research school known for its varsity sports, which serves as a major economic engine for the region
» Less than a mile from private college Lubbock Christian University (1,805 students)
» Surrounded by densely populated residential neighborhoods, with 196,144 people living within a five-mile radius
» Dense trade area that draws from over 650,000 people
» The only Best Buy in Lubbock

NEW 2018 CONSTRUCTION
» High-quality construction completed in 2018
» New building, limiting near-term deferred maintenance or capital costs
» Ample on-site and cross-access parking



Property Description

The property is conveniently located along West Loop 289, with excellent visibility and access to 67,254 vehicles per day. The property is in a freeway-visible spot with immediate access to on- and off-ramps for West Loop 289, which serves as Lubbock’s beltway and is a major corridor for tourist, commuter, and commercial traffic. The site benefits from being centrally located between 19th Street (36,570 AADT) and 34th Street (20,317 AADT), greatly increasing traffic to the property. The property has a prominent location in the West End Shopping Center, Lubbock’s premiere outlet and lifestyle shopping destination, featuring notable retailers like Cabela’s, Duluth Trading Company, Chick-fil-A, Marshalls, Nike Factory, Converse Factory, P.F. Chang’s, and many more. Future plans for the project include two hotels with business and conference amenities.

The property supported by a strong customer base. The property is less than one mile from Lubbock Christian University, a private college with 1,805 students, and is just minutes from Texas Tech University, a large public research school known for its varsity sports, which serves as a major economic engine for the region. Other schools located in the nearby area include Westwind Elementary School (679 students), Bowie Elementary School (262 students), and Coronado High School (2,041 students). The property is also surrounded by densely populated residential neighborhoods, with 186,467 people living within a five-mile radius. The location resides in a dense trade area that draws from over 650,000 people, and the site serves as the only Best Buy in Lubbock.

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