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Pacific Retail Capital Companions has assumed administration and leasing tasks at Park Place, a 1.1 million-square-foot retail middle in Tucson, Ariz. The deal marks PRCP’s entry into The Grand Canyon State.
Park Place entered particular servicing earlier this yr, when Brookfield Properties defaulted on a $200 million mortgage supplied by Deutsche Financial institution Nationwide Belief Co. in 2011, public information present. LNR Companions now oversees the property.
PRCP’s portfolio totals 24 properties encompassing greater than 20 million sq. ft. The agency has not too long ago bought a 1.2 million-square-foot mall in Bridgewater Township, N.J., in a transaction that additionally included a 94,000-square-foot open-air procuring district adjoining to the property.
A Tucson retail landmark
Developed by Joseph Kivel within the Nineteen Seventies, Park Place underwent a number of main renovations all through the years. The style and leisure vacation spot includes a meals courtroom, a youngsters’s play space, a nursing lounge, a cinema with 20 screens, ample parking and an abundance of eating places.
Anchored by Century Theaters, Dillard’s, Spherical 1, Whole Wine & Extra, Ulta Magnificence and Previous Navy, the indoor procuring middle options nationwide manufacturers and native enterprise. The property’s tenant roster contains Applebee’s, Chipotle, Guess, Pandora, Sephora, Starbucks and Victoria’s Secret, amongst others.
Initially named after Sears Park, the property included a standalone Sears retailer which later grew to become a significant anchor however closed down in 2018. Park Place Companions, a partnership between Evergreen Devco Inc. and Wentworth Property Co., bought the previous Sears retailer in 2022 for $12.3 million.
Situated at 5870 E. Broadway Blvd., Park Place is roughly 8 miles from downtown Tucson. The encircling space is dwelling to quite a few retail choices, together with the adjoining Plaza at Williams Heart. Davis Monthan Air Pressure Base is lower than 3 miles south.
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