LUBBOCK, Texas — A new national corporation is planting roots in Lubbock, and it called the Hub City an ideal place to invest.
Continental Realty Corporation is based in Baltimore, Maryland, and spent $18.25 million to buy the South Plains Crossing shopping center, which includes Hobby Lobby and Spec’s.
“The business-friendly environment, the entrepreneurship, the job and population growth that we’re seeing in Lubbock specifically … check all the criteria that we look for,” Senior Vice President of Acquisitions for Continental Realty Corporation Josh Dinstein said.
This was the first time the company invested in the Lone Star state, but it said it hopes it’s not the last. The 12-acre, 150,000 square foot property is just the first of what could be a number of investments in West Texas.
“It’s sort of overlooked … but Lubbock has a ton to offer. It’s got the university, it’s got the research, it’s got the commercial business, and there are just tons of people moving there,” Dinstein said.
At first, the company also considered larger cities, such as Houston, Dallas and Austin, but Lubbock beat them out.
Local real estate agent, Jaidyn Stagner, with Progressive Properties said there were a few reasons why Lubbock shot to the top of that list.
“Texas Tech is a huge draw for students, but as well as students, their parents buy real estate here. It’s just an ever-growing market, and I think that corporations see that. They see the growth potential of Lubbock, so long term, I think they’re making a good investment,” Stagner said.
And as these businesses capitalize on the city’s growth, it could be the gift that keeps on giving.
“As the big corporations come in, I think it creates more job opportunities, so obviously people are going to be flocking here from far and wide,” Stagner said.