Pacific Retail Capital Partners to Manage Tucson Shopping Mall
The 1.1 million-square-foot retail center has six major anchors.
Pacific Retail Capital Partners has assumed management and leasing responsibilities at Park Place, a 1.1 million-square-foot retail center in Tucson, Ariz. The deal marks PRCP’s entry into The Grand Canyon State.
Park Place entered special servicing earlier this year, when Brookfield Properties defaulted on a $200 million loan provided by Deutsche Bank National Trust Co. in 2011, public records show. LNR Partners now oversees the property.
PRCP’s portfolio totals 24 properties encompassing more than 20 million square feet. The firm has recently purchased a 1.2 million-square-foot mall in Bridgewater Township, N.J., in a transaction that also included a 94,000-square-foot open-air shopping district adjacent to the property.
A Tucson retail landmark
Developed by Joseph Kivel in the 1970s, Park Place underwent several major renovations throughout the years. The fashion and entertainment destination features a food court, a children’s play area, a nursing lounge, a cinema with 20 screens, ample parking and an abundance of restaurants.
Anchored by Century Theaters, Dillard’s, Round 1, Total Wine & More, Ulta Beauty and Old Navy, the indoor shopping center features national brands and local business. The property’s tenant roster includes Applebee’s, Chipotle, Guess, Pandora, Sephora, Starbucks and Victoria’s Secret, among others.
Initially named after Sears Park, the property included a standalone Sears store which later became a major anchor but closed down in 2018. Park Place Partners, a partnership between Evergreen Devco Inc. and Wentworth Property Co., purchased the former Sears store in 2022 for $12.3 million.
Located at 5870 E. Broadway Blvd., Park Place is roughly 8 miles from downtown Tucson. The surrounding area is home to numerous retail options, including the adjacent Plaza at Williams Center. Davis Monthan Air Force Base is less than 3 miles south.