Highlights
Over $1m in capital upgrades underway with new EPDM roof and all new exterior facade replacement with custom fabricated metal, new skylights and parking lot lighting repairs.
Excellent value-add opportunity with the potential for a 270% increase in NOI by Year 3 through increased rents and lease up.
Historically 85%+ occupied and with capital allocated to the building, it will return to solid NOI.
Diversified tenant base, including an executive office lease program leasing at a premium of $24 per sq. ft.
+/- 8,000 sq. ft. of prime, top-floor office space available for an owner/user at virtually no occupancy cost due to operating income of +/- $290,000 in-place.
Available at a significant discount to replacement cost.
Description
Pyramid Plaza is a six-story, Class B+, multi-tenant office building with approximately 94,885 sq. ft. of rentable area located on an approximately 6.41 acre parcel and is the "premier" office building in Lubbock, Texas.
Pyramid Plaza is currently 59.3% occupied by a diverse tenant base, including executive suites, providing an opportunity to increase the cash flow due to scheduled rent bumps and the lease up of currently available space.
Over $1m in capital upgrades underway with new EPDM roof, all new exterior facade replacement with custom fabricated metal projected for completion by 4th Q 2020.
3223 South Loop 289 offers highway frontage along South Loop 289, a major thoroughfare encircling the city, and is easily accessible by Marsha Sharp Freeway, Interstate 27, and several other major thoroughfares in the area.
Constructed in 1981, the unique pyramid design was built where the first floor is the largest and each ascending floor is smaller, hence the name Pyramid Plaza. The Property, one of the most easily recognizable buildings in Lubbock, is a large atrium-style building with a variety of plants and groundcovers and a multi-level waterfall at the base of glass enclosed elevators.
Pyramid Plaza features an ample parking ratio of 5.4/1,000 via a large surface parking lot. The property's egress/ingress is controlled by three entrances: two along South Loop 289 frontage road and one via the adjacent property to the east.
For more information, please go to www.pyramidplazaofficebuilding.com to complete Confidentiality Agreement and secure comprehensive Offering Memorandum for the project.
Pyramid Plaza is located in Lubbock, Texas, the market, finance, medical, education, distribution, and entertainment hub of the South Plains of Texas. The South Plains of Texas consists of 26 West Texas and Eastern New Mexico counties surrounding Lubbock county and has a population base of nearly 640,000 residents. Many people have found that Lubbock offers the amenities of a large modern city with a amiability and security found in a traditional West Texas town.
Lubbock's highly skilled and educated workforce, proximity and connection to major national and international markets, and affordable utility and living costs make it the ideal place to grow a business. Known as the "Hub City" of West Texas, our diverse economy is based on manufacturing, agriculture, wholesale and retail trade services, as well as government, education and healthcare. As the 11th largest city in Texas, Lubbock boasts a regional population of 639,921 people. Lubbock's size affords businesses access to dedicated community leaders and personalize service, while providing business owners with a pipeline of personnel to fulfill workforce needs. Home to Texas Tech University, Texas Tech University Health Sciences Center, Lubbock Christian University and satellite campuses of South Plains College (community college) and Wayland Baptist University, Lubbock county boasts more than 50,000 students attending higher education institutions. Lubbock is the only city in the nation with a comprehensive university, a health sciences center, an agriculture college and a law school in one location, making Texas Tech University the second largest contiguous campus in the United States.
