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3223 South Loop 289, Lubboc...

Pyramid Plaza LP Acquires 116,000 SF Office Building In Lubbock From Gemini Rosemont Real Estate
SOLDOffice

Pyramid Plaza LP Acquires 116,000 SF Office Building In Lubbock From Gemini Rosemont Real Estate

3223 South Loop 289, Lubbock, Texas 79423, United States

Building Size

116,000 SF

Asset Type

Office

Closing

Jun 30, 2022

AI

The office property located at 3223 South Loop 289 in Lubbock has been sold in a transaction that took place on July 1, 2022. The property spans approximately 116,000 square feet and belongs to the asset type of Office. The sale was between Pyramid Plaza Office Building LP as the buyer and Gemini Rosemont Real Estate as the seller.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not mentioned

The buyer was represented by Jordan Wood & Taylor Tucker from Coldwell Banker Commercial, while Scott Womack & Darrell Betts from Avison Young acted as the seller's representatives.

Players

Jordan Wood

Coldwell Banker

Broker

2 deals

Broker

Gemini Rosemont

Seller

$93M

vol

5 deals

Seller
RW Real Estate
RW Real EstateSeller

Lubbock Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93