Black Lion Investment Group is pleased to announce the sale of BJ’s Restaurant & Brewhouse, a free standing restaurant building situated within the Oracle Wetmore power center in Tucson, Arizona to an undisclosed buyer. The sale was completed on June 25, 2021 for $6.1 million, or over $760 per square foot. The transaction sets a record for one of the highest price per square foot sales of a single tenant BJ’s Restaurant & Brewhouse in the country. “We sold this asset to better align Black Lion’s portfolio with our long-term strategic goals, allowing us to continue to deploy neighborhood-changing capital in our primary markets of interest,” said Black Lion Investment Group President, Robert Rivani. “Meanwhile, the buyer was able to acquire a premier free-standing pad with a successful national chain tenant in a highly-trafficked premium power center,” Rivani added. “We are thrilled to be able to reinvest the proceeds from this sale into other alluring, high-profile retail and hospitality projects elsewhere in the country. Our portfolio of top-notch assets is expanding rapidly and we continue to acquire trophy assets that match our long-term creative investment vision.”
Black Lion Investment Group purchased the Oracle Wetmore retail center in February 2021 and has since 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 record-setting transaction of the BJ’s Restaurant building.