Weingarten Realty sells 150,170 SF destination retail shopping center with over 90% national / credit tenants
TUCSON, Ariz.– Cushman & Wakefield announced the firm has brokered the sale of Oracle Wetmore, a high-quality 150,170-square-foot retail destination shopping center located at the southeast corner of Oracle Rd. and Wetmore Rd. in Tucson, Arizona. The buyer was an affiliate of Los Angeles, California-based Black Lion Investment Group, Inc. Shadow-anchored by one of the nation’s largest home improvement stores, the retail center is home to over 90% national tenants.
The seller was Texas-based Weingarten Realty. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller in the transaction.
The sale price totaled $38.025 million ($253 PSF) and closed February 1, 2021.
“Oracle Wetmore is a high-quality anchored retail asset,” said Michael Hackett. “Regional and daily needs assets in Arizona such as Oracle Wetmore have performed very well the last year.”
The purchase is part of Black Lion Investment Group’s ongoing program to acquire very well-performing power centers in particular markets throughout the U.S. Black Lion’s President, Robert Rivani, says that “Black Lion is happy to see our aggressive acquisition strategy unfolding right to plan despite today’s obvious challenges in the general market.”
Originally developed in 2005, Oracle Wetmore is ideally located on heavily trafficked Oracle Road (SR 77), the dominant north/south arterial connecting Oro Valley to Tucson, Arizona, anchored by Home Depot (not included in the sale). Other major tenants include Jared Jewelers, BJ's Restaurant and Brewhouse, NextCare Urgent Care, Bassett Furniture, Walgreens and PetSmart.
For more information, Hackett and Schubert should be reached at 602.253.7900.
To learn more, see RED Comps #8509 and #8510.