One of the two last enclosed malls in Tucson is up for sale.
Tucson Mall’s owner, New York-based Brookfield Properties, has put the 91-acre property at 4500 N. Oracle Road on the market, according to a commercial real estate marketing brochure.
No asking price was listed.
These renderings show the planned $500 million Bourn Companies project at the site of the former Foothills Mall. Photos provided by Bourn Cos.
The Sears property on the site is not part of the sale as it is owned separately and being marketed for lease.
Tucson Mall opened in 1982 and has been home to several retailers and department stores throughout its 43 years.
Currently, its anchor stores are Dillard’s, Macy’s, JCPenney and Dick’s Sporting Goods.
The two-story mall has a net operating income of $15.5 million a year, marketing data shows.
The reason for the sale was not disclosed.
Brookfield Properties did not respond to interview requests and the brokers assigned to the sale said they were unable to comment due to a non-disclosure agreement with the current owners.
Brookfield formerly owned Park Place but sold it in a foreclosure auction in 2023.
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As with most enclosed malls across the country, Tucson Mall has struggled with foot traffic as more consumers go online for purchases. Yet, it has attracted several new stores recently and has an 87% occupancy rate within the mall.
Barnes & Noble bookstore and electronics store Curacao relocated to the mall last year, but Forever 21 is going out of business and will soon be leaving.
Plans for a Harkins Theatre, announced in early 2020, were put off by the pandemic, and no future plans have been announced.
Other temporary “internet-proof” destinations have come to the mall’s vast parking lots, such as last year’s 25,000-square-foot bounce park, Funbox and various carnivals with amusement rides and games.
Park Place is the only other enclosed mall left in Tucson.
El Con was redeveloped into a mixed-use shopping center, and the former Foothills Mall has been demolished with plans for a diverse mixed-use center, Uptown, that features shopping, entertainment, hotels and apartments.
Tucson Mall, which opened in 1982 and is one of the last two remaining enclosed mall’s in the city, is up for sale.
Redevelopment of malls has turned to adding residential units to help existing and future retail with increased customers, as well as providing needed additional housing.
One unique project in Providence, Rhode Island, turned the top floors of the long-standing Arcade Mall into micro-apartments with stores and food court amenities remaining on the ground level.
What will become of Tucson Mall is anyone’s guess, but its location is ideal for housing as it is on a major street with a bus depot just across the street on Stone Avenue, between Wetmore and River roads.
The city of Tucson recently adopted the Community Corridors Tool, which is expected to make redevelopment of commercial property into housing projects easier.
Contact reporter Gabriela Rico
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