Colliers is pleased to announce the successful purchase of a ±12,432 square-foot industrial investment site at 7011 Zenith Avenue in Lubbock, Texas. The buyer, Capital Real Estate Investments, was represented by Troup Rolland of Capital Real Estate Investments. The seller, WRSLUB, LLC, was represented by Todd Moore, Trey Horne and Connor Duffy of Colliers.
The industrial outdoor storage facility is leased to Worldwide Rental Services. The site consists of ±12,432 rentable square feet and sits on 5.75 acres of which 5.0 acres are stabilized for heavy equipment storage. It has excellent visibility with 597 feet of frontage along Loop 289 and is just seven miles from Downtown Lubbock and Texas Tech University.
The property is within Lubbock’s South Outer industrial submarket, which contains 2.4 million square feet of inventory with a current occupancy rate of 99.3%. The average quoted gross rental rate is $9.20 per square foot. No buildings are currently under construction, but 82,000 square feet have been built during the last three years.
Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.