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Phoenix & Southwest  + Arizona  + Retail  | 
Tucson Sears store sells for $12.4 million

Former Tucson Sears Store Sells to Joint Venture

The Tucson Sears Store was built in 1965. It closed in 2018. Since then, 25% of it has been leased out to Round 1 Entertainment.

Seritage SRC Finance, a real estate investment trust that emerged from the Sears bankruptcy, sold the former Sears store at Park Place Mall to Park Place Partners, a partnership between Evergreen Devco and Wentworth Property Company of Phoenix for $12.25 million ($56 PSF), well below replacement cost. The buyer said plans will soon be made public about the redevelopment of the parcel.

The 218,829 square-feet of improvements on 19.7 acres consists of two buildings, a 204,829 square-foot main building and a roughly 14,000 square-foot auto pad. Round 1 Entertainment has 50,000 square feet.

Round 1 serves as co-anchor to the 1,055,000 square-foot Park Place Mall on 64-acres. Park Place Mall tenants include Victoria’s Secret, Applebee’s, Foot Locker, Bath & Body Works, Red Lobster, Yard House and Chipotle with Century Park Place 20, Dillard’s, Total Wine and Old Navy.


Inside The Story

About Mike Boyd

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.

  • ◦Sale/Acquisition