The 86,500-square-foot center is 95% leased to a tenant mix of national and local retailers.
LUBBOCK, TX—This West Texas metro continues to stay the course in many of the main product types. Most notably, the retail market is turning heads with its low vacancy and rising rents.
A recent example of the strength and solidity of retail is the refinance of Rockridge Plaza. JLL's Capital Markets recently secured $10.5 million to refinance the class-A retail center.
Managing director Jimmy Board and analyst Wes Wallace led the JLL team on the financing on behalf of GRACO Real Estate Development Inc. Deutsche Bank provided the fixed-rate non-recourse loan.
“This thriving retail center in the heart of West Texas offered lenders the opportunity to lend in a dynamic community and partner with a top-notch developer,” Board said. “GRACO has a strong track record of developing successful retail projects from conception to completion, and providing leasing and management services thereafter.”
Rockridge Plaza is located in a supercharged retail submarket of Lubbock within a key retail corner of the city. The 86,500-square-foot center, which is currently 95% leased to a diverse tenant mix of national retailers and local businesses, benefits from proximity to a dense residential population, hotels and office complexes that drive a high volume of traffic through the area.
“Lubbock has a strong, tight retail market,” Board tells GlobeSt.com. “Our research shows that rents are on the rise and vacancy is at 3.9%, which is better than the statewide average of 4.9%.”
Board goes on to say that due in large part to the capped student enrollment at the University of Texas at Austin and Texas A&M, Texas Tech University in Lubbock has become a prominent alternative for many students who want to attend college in Texas. This growing student population has resulted in more commercial development throughout the city and potential for real estate investors.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
