Black Lion Investment Group recently sold a freestanding retail pad property with a national chain tenant (Jared Jewelers) at the exclusive class A power center Oracle Wetmore shopping center in Tucson. The sale was completed on May 21, 2021 to an undisclosed buyer for a record-setting ($811 per square foot) purchase price of $4,750,000.
The strategic sale of the 5,856 sq ft out parcel property is part of a larger strategic vision for Black Lion Investment Group to prioritize acquiring new properties in Arizona.
At the time of the sale President of Black Lion Investment Group, Robert Rivani commented, “Oracle Wetmore is a dream property, and we are proud to showcase it in our portfolio. This sale will help us to invest in our future as we continue our enthusiastic expansion in the Arizona market. As a team, we are committed to providing the highest caliber of consumer experience. Each Black Lion tenant is hand-selected so that they can adapt and evolve to bring synergy to the surrounding Tucson community and provide citizens with the best experience possible.”
The freestanding Jared pad with nationally recognized chain jewelry retail store tenant (Jared) fills 100% of the occupancy. The property is located at 4380 N Oracle Rd, Tucson, AZ 85705, and is part of the larger highly acclaimed commercial shopping center (Oracle Wetmore) also owned by BLIG.
Chris Hollenbeck from Cushman and Wakefield brokered the sale between Black Lion Investment Group and the buyer.
Black Lion Investment Group is a rapidly expanding commercial real estate company that is continuing its unprecedented growth in multiple markets. In order to fulfill this creative vision, the LA-based firm recently acquired Amara at Paraiso from the Related Group, building upon Black Lion’s impressive portfolio of properties in Florida, such as the recently renovated Crystal Cove Commons and Brickell Bay Boardwalk.