The iconic Park Place Mall has been a beloved shopping destination for Tucson residents since the 1970s. Despite facing challenges from online shopping and the Covid pandemic, the mall has remained standing.
Recently, in a successful foreclosure auction, Park Place Mall was sold for $87 million to Brookfield Corp. However, management and leasing responsibilities have now been taken over by Pacific Retail Capital Partners (PRCP), an expert real estate management firm based in Los Angeles.
Featuring popular anchor stores like Century Theatres, Dillard’s, Round 1, Total Wine,and Old Navy,the mall boasts a total of 90 stores offering retail options,dining experiences,and entertainment activities. PRCP’s first property under management in Arizona,this acquisition adds to their impressive portfolio of over $3 billion worth of assets across the country,totaling more than 20 million square feet.
With no immediate plans for changes to its operations,Park Place Mall continues to be a thriving hub for shoppers and businesses alike.This recent development marks another milestone in PRCP’s growth as they expand their presence into new markets such as Arizona.The sale also highlights the resilience and enduring appeal of this beloved retail destination despite industry shifts towards e-commerce.
