Tenanted by Lubbock Electric in Sale-Leaseback Deal
In a sale-leaseback transaction, MAG Capital Partners, LLC, acquired several industrial properties totaling 66,680 square feet along I-27 that occupy a full city block in central Lubbock, Texas. Home to Lubbock Electric Co., the site comprises 1108 34th Street and 1107, 1109, and 1123 33rd Street.
Principal of MAG Capital Partners, Dax T.S. Mitchell, said, “We are attracted to the City of Lubbock’s economic development initiatives and its diversified manufacturing base, coupled with the opportunity to acquire infill industrial real estate.”
Northmarq’s Scott Briggs and David Read represented the seller, a private investor who concurrently purchased Lubbock Electric to expand the family-owned business that was founded in 1944.
Lubbock Electric Company’s experienced team of electric motor experts, compressor specialists, hydraulic pros, electricians, automation programmers and panel builders solve some of the toughest challenges in West Texas. Its mission is to keep industry running and prevent machine downtime.