Stoneridge Shopping Center– Lubbock, TX
We had a property listed in Lubbock and our client, Peter Skoog, owned an apartment complex next door. Our client, an out-of-state investor, originally met with me to potentially look into buying that property and building more apartments there. After further discussion with him, he needed to buy a property by year’s end to do a cost segregation study for tax purposes. We met at the beginning of November so we needed to move quickly to find something by year end.
Beau Tucker, Alex Eberhardt, and I had just listed a 31,000 sf shopping center that we had not taken to the market, located in the SW area of Lubbock. Our client was an apartment investor and had never owned retail before. We explained the benefits of NNN leases – less management intensive as our client self-managed his apartments and the tenants pay their pro-rata share of Property Taxes, Property Insurance, and CAM as he was used to covering those expenses being an apartment owner. We were able to negotiate great terms as our client needed to close by year-end, but so did our Seller so it was to the benefit of both parties. We worked extremely fast and were able to close in about a month and a half from start to finish. The property also had one vacancy which provided some value-add opportunity for our client in the lease-up.
We were able to get the property under contract with our client and
successfully close. Throughout the transaction process, we were in
constant communication with all parties of the Seller and our
client. Post-closing, CBC Capital Advisors aided our client in leasing up the remaining retail vacancy in the shopping center.
For More Information, contact:
Eric Eberhardt, CCIM