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Park Place is an enclosed regional shopping center located at 5870 E Broadway Blvd in Tucson, Arizona, with a total gross leasable area of 1,062,875 square feet. Opened in 1975 and redeveloped in 2000, it serves as a primary retail destination on Tucsons East Side, drawing from a 5-mile trade area population of 259,851 residents across 118,399 households with an average household income of $65,000.
The mall features three anchors: Dillards (department store), Round One Entertainment (amusement center), and Cinemark Century Theatres (16-screen cinema). Its tenant mix includes over 135 specialty stores, with national retailers such as H&M, Sephora, ULTA Beauty, Guess, Banana Republic, Victoria’s Secret, and Forever 21, alongside local options like Creations and Tucson Tea Co. Dining options encompass casual eateries like Yard House, Applebee’s, Chipotle, and Red Lobster, complemented by a food court.
Entertainment draws families with arcade games, theater experiences, and a children’s play area. Annual footfall exceeds 7 million visitors, supported by 135,000 weekly shoppers, reflecting strong regional draw. Occupancy stands at 95%, indicating stable leasing demand.
Accessibility is favorable via major arterials like Broadway Boulevard and I-10, with proximity to Tucson International Airport (10 miles), University of Arizona (8 miles), and Davis-Monthan Air Force Base (7 miles).
Market position as Tucsons premier upscale mall benefits from a balanced mix of fashion, dining, and leisure, appealing to a demographic skewed toward families (24% under 19, 33% ages 20-39) with higher education levels (over 75% high school graduates or better).
Leasing advantages include competitive base rents averaging $25-35 per square foot annually (aligned with Tucson Class A regional mall benchmarks), percentage rents tied to sales performance, and robust marketing support from owner Pacific Retail Capital Partners, encompassing digital campaigns, events, and social media promotion. However, challenges include competition from Tucson Mall to the west, which offers similar anchors but higher volume in some categories, and potential infrastructure aging given the propertys 1970s origins despite renovations.
Market saturation in apparel and dining sectors, coupled with e-commerce pressures, warrants careful category selection for new tenants to avoid overlap with existing mix.
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Hours of Operation
Hours
| Monday | 11:00 AM — 08:00 PM |
| Tuesday | 11:00 AM — 08:00 PM |
| Wednesday | 11:00 AM — 08:00 PM |
| Thursday | 11:00 AM — 08:00 PM |
| Friday | 11:00 AM — 09:00 PM |
| Saturday | 11:00 AM — 09:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The 5-mile trade area around Park Place encompasses 259,851 residents in 118,399 households, with an average household income of $65,000, positioning it as a middle-income market with family-oriented spending patterns (24% population under 19 years old). Education levels are solid, with over 75% holding high school diplomas or higher and 39,000+ graduate degrees. Annual footfall of 7 million visitors, or 135,000 weekly, supports consistent traffic, driven by proximity to educational and military institutions. However, broader Tucson retail vacancy at 5.7% (Q2 2024) signals moderate competition for discretionary dollars, potentially impacting lower-end retail categories amid economic fluctuations.
Tenant Mix and Occupancy
Park Places tenant mix balances national fashion anchors like H&M and Sephora with dining venues such as Yard House and Chipotle, and entertainment like Round One, fostering a family-friendly vibe that enhances dwell time. At 95% occupancy, the mall demonstrates leasing strength, with 135+ tenants contributing to stable cash flows. Operational quality includes amenities like WiFi, charging stations, and covered parking. Drawbacks include potential weaknesses in weak categories like traditional department stores, where Dillards faces online rivalry, and risks from over-reliance on apparel (40% of mix) in a saturated market, necessitating diversification into experiential retail to maintain performance metrics.
Competition and Lease Terms
Primary competition stems from Tucson Mall (1.2 million sq ft, 7.5 million annual visitors), located 10 miles west, which competes directly in anchors and mid-tier retail but draws more budget-conscious shoppers. Other nearby centers like La Encantada offer upscale open-air alternatives. Lease terms feature base rents of $25-35 psf (Tucson regional mall average), with common area maintenance fees around $8-10 psf and percentage rents at 6-8% of sales over breakpoints. Risks include access issues during peak hours on Broadway Blvd and aging infrastructure requiring ongoing capex. Market reports note positive absorption (52,500 sq ft in past year), but saturation in fast-casual dining could pressure new entrants, advising tenants to target underserved niches like health and wellness for optimal ROI.
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