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. It is worth noting that the Home Depot was not included in this transaction.
The property, which features 90,456 square feet of leasable space and was built in 2005, boasts an impressive occupancy rate of 98%. Some notable tenants include PetSmart, World Market, JoAnn Fabrics and Crafts,and Ulta Beauty.
The buyer behind this acquisition is Acacia-Tucson – a subsidiary of Acacia Real Estate Group based in Newport Beach (led by managing partner David Pittman). The seller was RJR Vacaville.
This recent sale highlights the strong demand for commercial real estate properties within Tucson’s retail market.
