Black Lion is pleased to announce the sale of 12,630 square feet of freestanding retail space situated within the Oracle Wetmore shopping center in Tucson, Arizona, to an undisclosed buyer. The sale was completed on August 27 for $3,368,000, about $267 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 freestanding pad is home to successful tenants, some of whom have signed long-term leases, in a highly-trafficked power center in the heart of the Oracle Road corridor. The roster of tenants in this easily accessible Class A building include those that are e-commerce and COVID-19 resistant, a contributing factor to the 100% occupancy rate,” said Black Lion’s President, Robert Rivani. Tenants in the building include Van’s Golf Shops, SportClips and ATL Wings, all of whom benefit from vehicle traffic counts of approximately 80,000 vehicles per day.
Rivani added, “This sale allows Black Lion to further our current investment strategy in other regions of the country where we will reinvest the proceeds 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 successful tenants Bassett Furniture, BJ’s Restaurant and Jared Jewelers sit. Ryan Schubert and Michael Hackett, Executive Directors of Cushman & Wakefield’s Phoenix office, facilitated the transaction of the freestanding building in this popular power shopping center.