As the selection of giant section shops in the Tucson space fades, the query remains on how to repurpose the vacated spaces.
The closure of JCPenney at El Con Shopping mall and the Sears at Tucson Shopping mall contributed to 1.6 million square feet of vacant significant-box place at the end of 2021, in accordance to the CBRE yearly Major Box Report.
There are at this time 30 spaces much larger than 10,000 sq. ft on the industry.
Big entertainment venues these as film theaters, bowling alleys and indoor trampoline parks reopened in 2021, but lingering hesitancy by buyers more than the pandemic prevented total operation for quite a few.
“Further, several in this category are repaying landlords for deferred lease that was given through governmental shutdowns,” reported Nancy McClure, first vice president in the Tucson office of CBRE, who authored the report.
“Nationally, numerous procuring middle entrepreneurs are wanting to demolish all or pieces of their centers to redevelop to mixed use with multifamily, healthcare, distribution centers and offices,” she said. “This redevelopment is usually challenged by zoning constraints and political will to do the operate that will be wanted to take dark retail into a practical potential.”
The windowless basement at the previous Sears at Park Place is a challenge to lease, but 1 unconventional customer has proven fascination, explained McClure, who was unable to supply details mainly because the offer has not closed.