LUBBOCK, TX-A Kentucky investor has paid $1.1 million for what he considers the perfect match for his dollars: a triple net-leased asset with SBC Communications as the tenant for the next eight years in a CBD in West Texas. The maintenance-free deal was so sweet that it closed 26 hours after the broker’s first call to the buyer.

The investor’s cash swooped up a parking lot in Lubbock, using 1031 Exchange proceeds from the sale of the California Apartments in Paducah, KY. The 155-space lot, recently paved, abuts the San Antonio-based SBC’s 150,000-sf regional headquarters and is used solely by its employees. SBC is just two years into a 10-year lease and is responsible for the upkeep, David Butler, principal of Colliers International’s Houston office, tells

Butler says it’s the first parking lot he’s sold in his 20-year career, a deal speeded up by the Internet and tossed into the title company’s office within 26 hours of the first call to the buyer. “I’ve never met the buyer, the seller or saw the property…except for pictures of it,” he says of the deal making for a property that was not yet a day old when he found it through longtime relationships in the 1031 Exchange sector.

“It’s a sweetheart deal,” Butler says. “That’s what my man in Kentucky thought. I suspect anybody would have seen it as a red-hot deal…no fuss, good return, leased for the long term.”

The seller is a Lubbock developer and investor who built the parking lot at 1708 21st St. in recent years by buying several tracts, razing the buildings and paving the property. Now, the investor, working through the Lubbock National Bank Trust Department as seller of record, has cashed out and is looking to reinvest the gain, Butler says.

In addition to Butler, Bob Parsley, CEO, director and principal in Collier’s Houston office, represented the buyer. Wes Hallmark of Hallmark & Associates of Lubbock brokered the all-cash deal for the seller.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.