Ross Dress For Less Caprock Shopping Center

Highlights:

• NATIONAL CREDIT TENANTS- Ross Dress For Less & Allington Dental
• LONG TERM HISTORICAL OCCUPANCY AND RECENTLY EXERCISED OPTIONS TO EXTEND
• MINIMAL MANAGEMENT RESPONSIBILITY/ HASSLE-FREE INVESTMENT
• NNN LEASES WITH RENTAL INCREASES & LOW COST PSF INVESTMENT
• HIGH TRAFFIC RETAIL BUILDING LOCATED WITHIN REGIONAL SHOPPING CENTER (SOURCE: INRIX)
• EXCELLENT TRADE AREA DEMOGRAPHICS, HOUSING AND GROWTH

Description:

Faris Lee Investments proudly presents the fee simple interest (land & building) in an exceptional 2-tenant
NNN leased retail investment opportunity located at 2903-2905 50th Street, Lubbock, TX 79413. The
subject property offers a compelling secure and stable investment opportunity with long-term historical
leases with option periods to extend, rental increases and a strategic location within a high-traffic retail
corridor. With its strong tenant profile, favorable demographics, and promising high- growth trade
area, the subject property presents investors with the potential for attractive returns and long-term
appreciation.
The subject property features long-term historical occupancy NNN lease with Ross Dress for Less,
a Fortune 500 company boasting an investment-grade credit rating (S&P rated BBB+). With a market
cap exceeding $48 billion as of February 2024, Ross Dress for Less has established itself as a retail
powerhouse, operating over 1,760 stores in 43 states since its inception in 1957. Complementing this
anchor tenant is Allington Dental, a multi-unit West Texas dental group specializing in children’s dentistry.
Supported by Benevis, a renowned provider of dental practice management services with over 120 offices
across the country, Allington Dental further enhances the property’s tenant mix and appeal.
Ross Dress for Less has been a cornerstone of this location since 2006, demonstrating its unwavering
commitment to this proven location by recently exercising its second five-year renewal option, with three
additional five-year options still available. The 18 years of historical occupancy strongly suggest that Ross
will continue to exercise its remaining options in the future, enhancing the sense of stability and longterm
commitment for potential investors. Similarly, Allington Dental, a valued tenant since 2010, recently
exercised its second seven-year lease renewal in 2023, underscoring the property’s attractiveness and
reliability as an investment. Both NNN leases incorporate rental increases, providing investors with a
hedge against inflation and promising returns over time. Additionally, this favorable opportunity provides
for a below replacement cost investment at only $145 per square foot.
Situated within a bustling retail hub, the property benefits from favorable trade area demographics,
boasting a population of over 213,000 within a five-mile radius. Positioned within the Caprock Shopping
Center, a 255,000-square-foot regional community 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 property enjoys strong vehicular traffic of over 27,000 vehicles
per day (VPD) and strategic positioning along the highly trafficked 50th Street. Its adjacency to Home
Depot and proximity to Texas Tech University, with over 40,000 college students, ensures consistent
foot traffic and customer engagement.
Lubbock’s retail market has been experiencing robust growth, with December 2023 retail sales witnessing
an impressive increase of 9.21%, indicative of the city’s thriving economic landscape. Coupled with a
healthy labor market boasting steady employment gains and a low unemployment rate of 2.80%, Lubbock
demonstrates economic resilience. Moreover, ongoing commercial construction in the city reflects strong
market demand, further enhancing the property’s allure as an investment opportunity.

Discover the vibrant surroundings of this attractive commercial property located in Lubbock, TX. Positioned in a thriving area bustling with opportunity, the location provides convenience and accessibility for tenants and clients alike. Nearby attractions include the historic Depot District, Texas Tech University, and the distinguished Buddy Holly Center. With an array of dining, shopping, and entertainment options, the area offers a dynamic atmosphere conducive to business success. Investors seeking a prime Office/Office Building location will appreciate the strategic advantages and amenities that the area has to offer, making it an ideal choice for a wide range of professional ventures.