Mixed-Use Center on Growth Corridor Catches SoCal Investor’s Eye
The Hub Shopping Center is located on Milwaukee Avenue equidistant between a 900,000-square-foot shopping center development Canyon West located at Milwaukee Avenue and Marsha Sharp Freeway.
LUBBOCK, TX—The Hub Shopping Center, a 50,196-square-foot retail center is located along Lubbock’s fastest growing retail corridor at 7320 Milwaukee Ave. It is 92% leased to a diverse mix of local, regional and national retailers, office, restaurant and franchise concepts including Chop Chop Rice Co, Tea 2 Go, Verizon and Cycle Bar.
The center recently sold to a Southern California investment group for an undisclosed price. The seller was a private investor also out of Southern California.
Scott Womack of Coldwell Banker Commercial Capital Advisors represented ownership in the sale. Coldwell Banker Commercial Capital Advisors is the original leasing company on the property which was completed in 2015 by a Southern California development group. The buyer retained Womack as the property’s leasing agent.
“The property is located on Milwaukee Avenue equidistant between a 900,000-square-foot shopping center development known as Canyon West at Milwaukee Avenue and Marsha Sharp Freeway with Target, Burlington, DSW, Kirklands, Sam’s Club, Twin Peaks, SaltGrass Steakhouse, OfficeMax, etc., and a Walmart with surrounding development at Milwaukee Avenue and 66th Street,” Womack tells GlobeSt.com. “It is the fastest-growing commercial corridor in Lubbock for the past five years with retail, restaurants, multifamily development, single-family development, automotive and hotel development along a three-mile stretch between 50th Street and 82nd Street along Milwaukee Avenue.”
In a survey of mixed-use developments with at least 25,000 square feet of retail as well as residential, office, hotel or other complimentary uses, Weitzman reports that mixed-use retail is currently at 94% occupancy. This category benefits from tenant mixes that are experiential through heavy concentrations of restaurants and entertainment uses. This is the smallest retail category, with only 9.2 million square feet of retail space, possibly because it requires high incomes along with high density, according to the Weitzman retail report.