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South University Center, Lubbock, TX

South University Center

Texas, USA

Price $3,000,000
Cap Rate
NOI
Lease Term Various
Lease Type Net Leases, With Tenants Responsible For All Taxes, Insurance, and Maintenance, Excluding Roof and Structure
Rental Increases Various
Year Built 2004
Building Size 10,421 SF
Lot Size 0.68 Acres (29,621 SF)
Status Sold
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Jack Hinson
Brokerage
704.572.9921
jack.hinson@cushwake.com
CA RE License #02059267


Investment Highlights

100% LEASED MULTI-TENANT RETAIL-ASSET WITH SCHEDULED RENTAL INCREASES
» 100% leased multi-tenant retail asset featuring iconic corporate tenants
» Multi-tenant asset allows for investment diversification
» Scheduled rental increases for all leases, providing a hedge against inflation
» Complimentary mix of “Amazon-proof” retailers
» Located in a state with no income tax

LOCATED IN A DENSELY POPULATED AND GROWING TEXAS CORRIDOR
» High-visibility and easily accessible location near the signalized four-way intersection of University Avenue and 82nd Street (64,182 AADT)
» Convenient access to highly trafficked Texas thoroughfares, including State Route 289 and U.S. Route 87 (combined 135,148 AADT)
» Population of 182,310 within a five-mile radius of the location, creating an extremely large customer base for the site
» Average annual household income of $75,397 within three miles of the site
» Projected 10 percent average annual household income increase within five miles of the site in the next five years, poising South University Center and Lubbock for concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS AND RETAILERS IN CAMPUS OAKS TOWN CENTER
» Irreplaceable infill location in a major Lubbock retail corridor
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Target, The Home Depot, Walgreens, Dollar General, Chick-fil-A, McDonald’s, Starbucks, and many more
» Five miles from Texas Tech University (36,551 students, $2.8 billion annual economic impact in Texas)
» Excellent location in a major Lubbock commuter corridor, with close proximity to several high-density single-family developments
» One mile from The Science Spectrum & OMNI Theater, which features over 250 interactive exhibits, live science shows, and the only aquarium in West Texas


Property Description

SOLD

The site is conveniently placed in a highly visible and easily accessible location near the signalized four-way intersection of University Avenue and 82nd Street (64,182 AADT). The property has convenient access to highly trafficked Texas thoroughfares, including State Route 289 and U.S. Route 87 (combined 135,148 AADT). The site is located in a densely populated area, with a population of 182,310 within a five-mile radius of the location, creating an extremely large customer base for the property. With a projected 10 percent average annual household income increase within five miles of the site in the next five years, South University Center and Lubbock are poised for significant concurrent growth.

The property is centrally located near large employers, retailers, and community hubs. Visibility is increased by the site’s irreplaceable infill location surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Target, The Home Depot, Walgreens, Dollar General, Chick-fil-A, McDonald’s, Starbucks, and many more. The property is also five miles from Texas Tech University, which has an enrollment of 36,551 students and generates $2.8 billion in annual economic impact in Texas. The site features an excellent location in a major Lubbock commuter corridor, with close proximity to several high-density single-family developments. Additionally, the location resides one mile from The Science Spectrum & OMNI Theater, which includes over 250 interactive exhibits, live science shows, and the only aquarium in West Texas.

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