34th Street Center

Lubbock is the economic hub of the South Plains of West Texas and Eastern New Mexico with a vast twenty-six county trade area covering 40,000 square miles. As the largest city in the region, Lubbock is a regular destination for many of the 650,000 people who call this trade area home. Every week, thousands of people visit Lubbock for shopping, entertainment, medical care, and other services. This steady stream of visitors strengthens Lubbock’s economy and provides valuable income for local commercial real estate establishments. Texas is the highest cotton producing state and within Texas, Lubbock and surrounding areas account for 64% of the state’s cotton crop, equating to a $5B industry. It is also the largest medical hub between Dallas and Albuquerque, bringing in business from hundreds of miles. Lubbock County population reached over 320,000 in 2023. This is an increase of more than 40,000 since 2010 – a 14% increase. Meanwhile, the City of Lubbock’s population grew at a quicker rate and is on pace to nearly reach 269,000 this year, which is an increase of 17.4% since 2010. Lubbock County alone boasts more than 50,000 college students, the biggest of which is Texas Tech with enrollment at over 40,000 students. Lubbock MSA has maintained historically low unemployment rates. Every month since April 2020 when the COVID pandemic shut down the national economy, the unemployment rate has decreased. Currently, the unemployment rate stands at 3.3%. Top industries of employment include education, health care, hospitality, retail, trucking, agriculture, and telecommunications. As the 11th largest city in Texas, Lubbock’s size provides a pipeline of personnel to fill workforce needs. Lubbock provides access to top technology and innovation, making it the place for business to grow and prosper. Average home prices in 2023 were $275,441 which is a strong 8% increase over prior year. The number of sales was also up at 6.7% compared to prior year and the average period that home stays on the market is only 36 days. 1,826 new single family home permits were issued in the past year. This was a massive 37.4% increase. Finally the value of construction permits totaled $759 million – while lower than 2019, it is still an impressive 50.6% increase since 2014.TREK Investment Group is pleased to offer for sale 34th Street Center. This 100% leased two tenant shopping center offers an investor a rare opportunity to acquire an exceptional value-add property featuring below market rents with an average rent PSF of $5.37, as well as being priced below replacement cost. Situated at the hard corner of 34th Street and Salem Ave, the subject property sees traffic counts on both 34th Street and Quaker Avenue just under 20,000 VPD, the subject property is surrounded by other national retailers including Sonic, McDonald's, H&R Bock, O'Reilly Auto Parts and more. Additionally, 34th Street Center is only 2.2 miles from Texas Tech University enrolling 42,000+ students, 1 mile from 6 area schools with a combined enrollment over 4,150 students, as well as 1.6 miles from Lubbock's bustling Medical District.