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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.

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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