Lubbock shopping center featuring Hobby Lobby, Spec’s has new owner

The Lubbock-based retail center housing Spec’s, Vison Mart and one of the busiest Hobby Lobbies in the country and a number of other shops near 69th Street and Slide Road now has new ownership.

Continental Realty Corporation (CRC) a Baltimore based real estate investment and management company, has acquired South Plains Crossing, a 144,241 square foot retail center, for $18.25 million, according to a news release from the company this week.

The property, formerly owned by a joint venture between Atlanta-based RCG Ventures, LLC and New York City-headquartered DRA Advisors LLC was 94{478333fef289f17d569c76970834c08f92d608302faf6c452490324ee355f13f} leased with 11 tenants at the time of the acquisition.

The transaction represents CRC’s initial entry into the Texas real estate market.

The property was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions.

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