Marcus & Millichap is pleased to present the rare opportunity for an investor to acquire a fully stabilized, 20,657-square foot, multi-tenant retail center located in a prime location serving the Texas Tech University community in Lubbock, Texas. Fearless Plaza is comprised of internet-resistant, service-oriented tenants including Torchy’s Tacos, Simply Mac (an Apple Premier Partner), End Zone Liquor, Amazon, Tikka Shack Indian restaurant, and Hawaii Poke & Ramen. All leases are triple-net, providing limited Landlord responsibilities. Situated on a 2.05-acre parcel, the building was constructed in 2012 and has an attractive façade. The Torchy’s Tacos lease includes approximately 1,225-square feet of outdoor patio space.
Fearless Plaza is located in a coveted area in the North Overton/Overton Park Development, directly across from Texas Tech University. The subject property is situated one lot west of University Avenue facing 9th Street, enjoying excellent accessibility from multiple ingress points from 9th Street, Avenue X, and 10th Street. The property is two blocks south of the Marsha Sharp Freeway (Highway 82), the city’s major east/west thoroughfare that conveniently connects Interstate 27 to West Loop 289. National and regional retailers in the surrounding area include Raising Cane’s Chicken Fingers, Braum’s, Whataburger, Potbelly Sandwich Shop, Chipotle, Velvet Taco, Chase Bank, FedEx, City Bank, Chili’s Grill & Bar, Starbucks, and others. Walmart Supercenter constructed a new location in the district in 2006, with the building’s architecture coordinated to meet the architectural design and restrictions of Overton Park. Additional traffic to the area comes from several new hotels such as the Overton Hotel & Conference Center, the city’s largest four-star hotel with 304 rooms and suites, restaurant, and bar.
- 100% of the Leasable Area is Occupied | All Leases are Triple-Net
- Complementary Mix of Internet-Resistant, Service-Oriented Tenants | All Have Options for Renewal With Rent Escalations
- Current Average Rents are Below Market
- Building is Newer (2012) Construction With an Attractive Facade | 2.05-Acre Lot with Ample Paved Parking
- Prime Location in the North Overton/Overton Park Development, Strategically Located Between Texas Tech University and Downtown | Focal Point of Shopping, Dining and Entertainment for the Surrounding Neighborhoods
- Texas Tech University is Home to More Than 40,300 Undergraduate and Graduate/Law Students
- 14 Student-Housing Complexes in the Area Providing Thousands of Units | Over 5,000 Residents Within Walking Distance to the Property
- Additional Traffic from the Proximity to Several Hotels (Overton Hotel & Conference Center, Hyatt Place, Holiday Inn Express, Residence Inn, Courtyard by Marriott)
- Located Two Blocks South of Marsha Sharp Freeway, Lubbock’s Primary East/West Access Road Connecting I-27 to West Loop 289 | Provides Faster Access to Key Lubbock Areas Such as Downtown Central Business District, Education Centers and the Medical District
- Densely Populated Surrounding Area with more than 181,575 Residents within a Five-Mile Radius
- Lubbock is the “Hub City” for the South Plains | Economic, Educational and Healthcare Hub of a Multi-County Region
- Air Service Provided by Lubbock Preston Smith International Airport | Approximately 500,000 Passengers Annual (United States Department of Transportation, 2019)