Black Lion is pleased to announce the sale of Basset Furniture, a freestanding retail building situated within the Oracle Wetmore shopping center in Tucson, Arizona, to an undisclosed buyer. The sale was completed on August 6 for $2,275,000, or about $250 per square foot. The transaction is the latest in a series of sales of outparcels within the Oracle Wetmore power shopping center by Black Lion.
“The buyer was seeking an ideally situated freestanding pad with a successful national corporate tenant in a highly-trafficked power center. As a Class A retail building in Tuscon’s top retail hub with a public-traded company touting strong sales as a tenant, Basset Furniture at Oracle Wetmore was a perfect match., “This sale allows us to further our current investment strategy in other regions of the country, namely in the burgeoning Miami market. We will reinvest the proceeds from this sale into high-profile retail and hospitality projects, adding to our rapidly-growing portfolio of trophy assets that match our long-term creative vision.”
Black Lion Investment Group purchased the Oracle Wetmore retail center in February 2021 and has since also sold the freestanding retail pads on which the BJ’s Restaurant and Jared Jewelers sit. Chris Hollenbeck, Executive Director of Cushman & Wakefield’s Phoenix office, facilitated the transaction of the Basset Furniture building in this popular power shopping center.