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Black Lion Investment Group Sells Retail Property In Tucson For $6.1M

4380 North Oracle Road
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This Retail property located in AZ was sold for $6,100,000 almost 3 years ago. The broker of the deal was Chris Hollenbeck

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."

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Deals
  • Location
    4380 North Oracle Road4380 North Oracle Road
  • Sale Price
    $6,100,000$6,100,000
    $762 PPSF$762 PPSF
  • Area
    8,000 SF8,000 SF
  • Asset Type
    RetailRetail
  • Parties
    1 Broker, 1 Agency1 Broker, 1 Agency

Agent

Chris Hollenbeck

Chris Hollenbeck

Deals6
Sold$51.3M

Agency

Cushman & Wakefield

Cushman & Wakefield

Agency
Deals4186
Volume$167B

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Deal Summary

SALE IMAGE: Robert Rivani DATE: 06/25/2021 ADDRESS: 4380 N Oracle Rd MARKET: Tucson ASSET TYPE: Retail SELLER: Black Lion - Robert Rivani (@Robert_Rivani) BROKER: Chris Hollenbeck - Cushman & Wakefield SALE PRICE: $6,100,000 SF: 8,000 ~ PPSF: $762 NOTE: 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 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.”

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4380 North Oracle Road

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