January 7, 2021
Stan Johnson Company (SJC) arranged the sale of a freestanding retail property at 2625 50th St. in Lubbock. The 3,025-square-foot building sold to a Texas-based buyer for approximately $1 million in a 1031 exchange.
SJC’s Evan Altemus represented the buyer. The seller was NetCo Investments Inc., a developer from Santa Monica, CA.
“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. “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 tenants—AT&T and Rita’s Donuts—feature net leases with regular rent increases.
For comments, questions or concerns, please contact Paul Bubny