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Phoenix & Southwest  + Arizona  + Distressed Assets  | 
Tucson's Park Place Mall bought at auction for $87M

Tucson Mall Acquired for $87M

Park Place Mall has been a focal point in Tucson shopper’s minds since the 70s. Like most malls, it has had its struggles. Despite the switch to shopping online, and the Covid pandemic, the mall was still standing, however not without its issues.

Park Place Mall successfully sold for $87 million in a foreclosure auction. Brookfield Corp previously owned the iconic mall. The management and leasing responsibilities for the 1.1 million-square-foot property have been taken over by Pacific Retail Capital Partners (PRCP), a Los Angeles-based firm specializing in real estate management.

The mall’s lineup includes prominent anchor stores such as Century Theatres, Dillard’s, Round 1, Total Wine, and Old Navy. The mall has 90 stores, restaurants and amusements. Currently, there are no immediate plans for alterations to the mall’s operations.

This will be the PRCP’s first property under management in Arizona. PRCP has over $3 billion in assets under management across the country, 24 properties totaling more than 20 million square feet of space.


Inside The Story

Pacific Retail Capital Partners

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
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