The recent sale of a retail property in Tucson has set a new record for one of the highest price per square foot sales of a single tenant BJ's Restaurant & Brewhouse in the country. The property, located at 4380 N Oracle Rd, was sold by Black Lion to Robert Rivani for $6.1 million on June 25, 2021. With a total square footage of 8,000, the sale price corresponds to an impressive $762 per square foot. This transaction took place in the highly-trafficked market of Tucson.

Summary of transaction details

• Property Type: Retail
• Sale Price: $6,100,000
• Square Footage: 8,000
• Price Per Square Foot: $762
• Address: 4380 N Oracle Rd, Tucson
• Seller: Black Lion - Robert Rivani
• Broker: Chris Hollenbeck - Cushman & Wakefield
• Market: Tucson

This sale presented an opportunity for Black Lion Investment Group to align its portfolio with long-term strategic goals. The company's President, Robert Rivani, stated, "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." The buyer, Robert Rivani, 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 in South Florida. Our portfolio of top-notch assets is expanding rapidly, and we continue to acquire trophy assets that match our long-term creative investment vision."