A Home Depot anchored retail center at Oracle and Wetmore in Tucson was sold for $25.5 million, a $12.5 million loss from its last sale. The Home Depot was not included in the sale. The same project, without the Home Depot, sold in February of 2021 for $38.025 million.
The 90,456-leasable-square-foot inline shops that sold was constructed in 2005 and was 98% occupied at the time of sale, with such tenants as PetSmart, World Market, JoAnn Fabrics and Crafts, and Ulta Beauty.
The buyer, Acacia-Tucson, is a subsidiary of Acacia Real Estate Group in Newport Beach, CA (David Pittman, managing partner) and was self-represented in the transaction. The seller was RJR Vacaville.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.