A retail center anchored by Home Depot, located at Oracle and Wetmore in Tucson, recently sold for $25.5 million. This marks a significant decrease of $12.5 million from its previous sale price. Notably, the Home Depot was not included in this transaction.
The property consists of 90,456 square feet of leasable space and was built in 2005. At the time of sale, it boasted an impressive occupancy rate of 98%, with popular tenants such as PetSmart, World Market, JoAnn Fabrics and Crafts,and Ulta Beauty.
Acacia-Tucson (a subsidiary of Acacia Real Estate Group based in Newport Beach) acted as the buyer for this deal under self-representation by managing partner David Pittman.The seller was RJR Vacaville.
This recent transaction highlights the strong demand for commercial properties within Tucson’s power centers market segment.
