Stan Johnson Company Arranges Sale of Freestanding Retail Center in Lubbock, Texas
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.”
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $35 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.