JLL’s Capital Markets experts today announced the company secured $21.35 million on behalf of GRACO Real Estate Development Inc. to refinance West End Phase II, a 94,841-square-foot, best-in-class, lifestyle shopping destination located in Lubbock, Texas. Silverpeak Argentic provided the loan.
Executive Managing Director Tom Fish and Managing Director Jimmy Board led the JLL team on the financing.
“Leased to a strong line-up of national, credit-worthy tenants, and located directly off Lubbock’s heaviest traveled thoroughfare, the property’s consumer draw and visibility made this a compelling lending opportunity,” said Board.
The property is the second phase of the West End development, which includes a mix of big box retailers, flagship hotels and office space. Retail tenants include Cabela’s Outpost, Gap Factory, Nike Factory, Banana Republic Factory and Marshalls. Dining options include P.F. Chang’s, Chipotle, Chick-fil-A, Panera Bread and World of Beer. The center which is currently 90 percent leased, also features Costco and Homegoods.
The area, which is located directly off of West Loop 289, is accessible from all major Lubbock submarkets and occupies a highly desirable in-fill location bolstered by the presence of Texas Tech University.