ROSS DRESS FOR LESS - CAPROCK SHOPPING CENTER 2903-2905 50th St 35,719 SF 100% Leased Retail Building Lubbock, TX 79413 $5,195,000 ($145.44/SF) 7% Cap Rate

TEXAS BROKER OF RECORD - BRIAN A. KAPLAN TX License No.: 591407
Faris Lee Investments is pleased to offer the fee simple interest (land & building) in an outstanding 2-tenant (Ross/Allington Dental) NNN leased retail investment opportunity located at 2903-2905 50th Street, Lubbock, TX 79413. This property provides a secure and stable investment with long-term historical leases, option periods to extend, rental increases, and a prime location within a high-traffic retail corridor. With strong tenants, favorable demographics, and a high-growth trade area, the property offers the potential for attractive returns and long-term appreciation.
The property is home to two tenants: Ross Dress for Less and Allington Dental. Ross Dress for Less, a Fortune 500 company with an investment-grade credit rating (S&P rated BBB+), has been a tenant at this location since 2006. With a market cap of over $48 billion as of February 2024, the company operates over 1,760 stores in 43 states. Ross has exercised its second five-year renewal option and has three additional five-year options available, demonstrating its long-term commitment to the property. Allington Dental, a multi-unit dental group specializing in children’s dentistry, has been at the location since 2010. In 2023, Allington Dental exercised its second seven-year lease renewal. Both tenants have NNN leases with rental increases, offering a hedge against inflation and long-term returns for investors.
The property is situated within the Caprock Shopping Center, a 255,000-square-foot regional shopping center co-anchored by dd’s Discount (coming soon), Dollar Tree (10-year extension completed), Five Below (coming soon), Rainbow Shops, and Club 4 Fitness (coming soon). The location benefits from strong vehicular traffic, with over 27,000 vehicles passing daily, and is positioned along 50th Street, a highly trafficked corridor. It is also adjacent to Home Depot and near Texas Tech University, which has more than 40,000 students, ensuring consistent foot traffic and customer engagement.
The Lubbock retail market has seen strong growth, with a 9.21% increase in retail sales in December 2023, reflecting the city’s thriving economy. With a low unemployment rate of 2.80% and a healthy labor market, Lubbock shows economic resilience. Ongoing commercial construction further supports the area's strong demand, making this property an appealing investment opportunity. The property is offered at a below-replacement cost of just $145 per square foot.