Black Lion recently sold the shopping plaza located at 1980, 1990, and 2040 West Orange Grove Road in Tucson, Arizona. An undisclosed buyer paid just under $6.6 million, or roughly $100 per square foot, for the three parcels at the busy intersection of La Cholla Boulevard and Orange Grove Road.
The shopping center encompasses 65,000 square feet and is situated on roughly 8.5 acres. Lee Lee International Supermarket, one of the largest ethnic grocery stores in Arizona offering goods from more than 30 countries, anchors the retail shopping center. Other notable tenants include outlets popular among local residents such as casual food and beverage outlets, a dental office, a massage studio and a salon.
Soon after Black Lion invested in the property, the firm’s principals swiftly and adeptly attracted tenants to its remaining vacant storefronts. In all, the property sold with meaningful annual rent escalations to its triple net leases. Similarly, the company recently sold parcels at the nearby Oracle Wetmore retail destination at a premium to purchase price thanks to a prudent investment strategy.
“The results of our investment in this retail plaza are exemplary of Black Lion’s capabilities,” said Robert Rivani, president of Black Lion. “We saw exactly where to add value and executed on that strategy effectively. The proceeds from this sale will allow us to continue to invest in food and beverage venues throughout the United States.”