The former Sears store, adjacent to Park Place, has been bought by Phoenix investors for redevelopment.
Park Place Partnership LLC bought the 218,829-square-foot property at 5950 E. Broadway for $12 million, records from the Pima County Recorder’s Office show.
The property has one tenant, Round One Entertainment Inc., a bowling, arcade and entertainment venue that occupies about 50,000 square feet in the main building’s ground floor and basement.
The detached auto pad, at 14,000 square feet, remains vacant.
The Sears property at 5950 E. Broadway has sold for $12 million.
A representative for the buyers said they are working on a development plan and look forward to making an announcement in the near future.
The property has more than 1,000 parking spaces.
CBRE’s Philip Voorhees, Jimmy Slusher, Nancy McClure and Trent Steeves represented the seller, Seritage Growth Partners.
Sears opened at this location in 1965, and 10 years later Park Place opened.
The company announced the store’s closure in 2018, then in 2020 closed the Sears at Tucson Mall.
Other local real estate transactions include:
Diamond Ventures Inc. bought 43 acres of land near Old Vail and Houghton roads for $4.3 million. Scott Soelter, with NAI Horizon, represented the seller.
MP Cortaro LLC bought 93,654 square feet of land on the northeast corner of Cortaro Road and Interstate 10 for $1 million to develop a hotel. Brenna Lacey and Jeramy Price, with Volk Co., and Chuck Wells, with Kidder Mathews, represented the seller, Cortaro Commercial JV LLC.
Cayomango LLC leased 5,750 square feet at 2303 E. Valencia Road to open a Mexican restaurant and bar. Jeramy Price and Andreas Castillo, with Volk Co., represented the landlord, M&L Castro Investments LLC.
Antonio Rey Benitez and James Brendan Evans, doing business as Diamondz Lounge, leased 3,240 square feet at 3724-3728 S. 16th Ave. Joey Castillo, Andreas Castillo and Jeramy Price, with Volk Co., represented the landlord, Santa Cruz Plaza LLC and AAVRPARIZ LLC. The tenant was represented by Cameron Casey, of Oxford Realty Advisors.
Oro Valley Care LLC leased 2,590 square feet at 11015 N. Oracle Road for an urgent care center. Volk Co. represented the landlord, Steamy Shops LLC and White Toys LLC. The tenant was represented by Dave Carroll, of Romano Real Estate.
Freedom Park Martial Arts Academy LLC leased 1,200 square feet at Town Central Business Park, 4919 E. 29th St., from Pegasus Tucson Owner LLC. Paul Hooker and Andrew Keim, with Picor, represented the landlord.
