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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.
- ◦Sale/Acquisition
