Lubbock’s South Plains Crossing purchase price? $16.4M

LUBBOCK – Earlier this year, Cole Real Estate Investments purchased the 146,000-sf South Plains Crossing, a power shopping center, for $16.4 million. Annualized rental revenue is $1.53 million. The weighted average lease term remaining is 6.8 years.

The retail center sits on 12.3 acres at 6802 Slide Rd. near SWC SH 289, across from the South Plains Mall. It was built in 1996 and renovated in 2012.

The property was 98 percent leased at the time of sale to a tenant roster that includes anchor tenants Hobby Lobby and Spec’s Liquor.