Evergreen’s Broadway @ Park Place Redevelopment Advances in Tucson

TUCSON, Ariz. (September 24, 2026) – Evergreen Development, a regional commercial real estate developer headquartered in Phoenix, will welcome Paris Baguette to Broadway @ Park Place, its redevelopment of the former Sears at Park Place Mall in Tucson. Construction on Evergreen’s redevelopment is nearing completion, and the Paris Baguette and Cold Beers & Cheeseburgers spaces will soon be turned over for tenant improvements.

Paris Baguette, an international bakery-café known for artisan-quality breads pastries and cakes, along with a gourmet beverage menu, is new to the Tucson market. The Broadway @ Park Place cafe is expected to open in early 2027 and will be the operator’s second Tucson location, joining a planned café at 3105 N. Campbell Ave.

“People connect through food, and pastries make people happy. Paris Baguette provides customers with an everyday luxury experience—they can enjoy a croissant with friends in the café or take a made-to-order cakes home to celebrate with family.” said Bryan Lamond, Principal, Retail Acquisitions at Evergreen. “Paris Baguette adds daytime energy and complements the mix we’re building at Broadway @ Park Place, and we’re thrilled to have them.”

The broader redevelopment is transforming the vacant department store into a mix of restaurant, entertainment and climate-controlled storage uses along Broadway Boulevard. Evergreen and Wentworth Property Company formed a joint venture partnership to develop the project, with Wentworth leading the storage component, which will operate under the Public Storage brand.

Round1 Bowling and Arcade, the entertainment and arcade concept that anchors the building, remains open and operating throughout construction. Cold Beers &
Cheeseburgers is currently under construction on its new restaurant space, which will feature a 3,000-square-foot flagship patio. One remaining retail space is available for lease.

Evergreen acquired the former Sears in 2022 as part of its strategy of repositioning obsolete
retail real estate in established, high-traffic corridors. The company has completed similar
repositioning projects across Arizona and the Western United States.

Two Valencia Road Industrial Sites Mark Different Stages of Development

TUCSON, AZ (Sept. 23, 2026) — Two Valencia Road industrial properties along Valencia Road are drawing attention at different stages of development. Provident Industrial is preparing for an October slab pour at its Valencia Airport Center near Palo Verde Road, while Davila Capital Group LLC has purchased 9.73 acres farther east at Wilmot Road for $1.65 million.

Provident has invited guests to a slab pour ceremony planned for late October at 3430 E. Valencia Road. Its planned distribution center is near the southwest corner of Valencia and Palo Verde Roads, on land an affiliated entity acquired 9.6 acres in June for $3.45 million. The development is described as a 162,240-square-foot speculative industrial building. Real Estate Daily News previously reported the land acquisition and the project’s plans. Erik Chapman, CCIM, CPM, and Nick Travassos, MRED, CCIM, of Chapman Management Group represented the seller.

Roughly 3 miles east, a Tucson-based Davila Capital Group bought the vacant parcel at the southeast corner of Valencia and Wilmot roads from Henbur, LLC. The sale closed Sept. 16 for approximately $169,579 per acre and included a $410,000 down payment and seller financing.

Tim Burris, a member of the selling entity, was also involved in marketing the property through Burris Hennessy & Company. The 9.73-acre site was offered as an industrial parcel with electric, gas, sewer and water available on site.

The projects are separate transactions. Provident’s site has an industrial building beginning construction, while no development plans for the newly acquired Wilmot Road parcel have been announced.

For leasing information on the speculative distribution building, contact Tim Healy or Alex Demeroutis of CBRE through the Valencia Airport Center listing.

Source: RED Comp #12725

Hanley Investment Arranges $4.13 Million Sale of Newly Remodeled Single-Tenant Starbucks Café and Drive-Thru in Phoenix

Former Bank Building Converted to a Double Drive-Thru Starbucks Trades to Los Angeles-Based 1031 Exchange Buyer

PHOENIX, Ariz. (Sept. 23, 2026) – Hanley Investment Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced the $4.13 million sale of a newly remodeled single‑tenant Starbucks café and drive‑thru in Phoenix, Arizona.

Hanley’s Senior Vice President Sean Cox and Executive Vice President Bill Asher, in association with Lee Csenar of Hanley Investment Real Estate Advisors, Inc., represented the seller, private investors affiliated with Pooya Dayanim and Andrew Gharibian, based in Los Angeles. The buyer, a private investor from Los Angeles County, was represented by Thomas Chou of ALTC Realty.

Hanley Investment Real Estate Advisors generated six offers from private investors and 1031 buyers, creating a highly competitive bidding environment for the newly converted asset. The team secured a qualified buyer with a portfolio of three Starbucks properties in the Phoenix metropolitan area, a profile that reflects strong familiarity with the brand and confidence in the store’s long‑term performance. The competitive process resulted in selecting a 1031 exchange buyer who completed a seven‑day due diligence period and closed escrow in 14 days.

The property, located at 15615 South Desert Foothills Parkway, is a former bank building that was fully remodeled in 2025 and converted into a single‑tenant Starbucks café with a double drive‑thru. The 4,586‑square‑foot building, originally constructed in 2003, now features Starbucks’ new strategic “Back to Starbucks” prototype with redesigned interiors, expanded seating, and an improved ambiance that supports work, socialization and relaxation.

According to Hanley, the 2025 remodel delivered Starbucks’ new “Back to Starbucks” prototype, which features cozier, expanded seating options and a more inviting, community‑oriented café environment designed for work, socialization, and relaxation.

The store operates under a new 10‑year triple‑net (NNN) corporate‑guaranteed lease and sits on a large 1.25‑acre parcel with a double drive‑thru, a configuration that supports strong operational efficiency and high throughput. It is the only Starbucks drive‑thru within a 4.5‑mile radius and ranks as one of the top busiest locations in the district of approximately 30 stores, a performance level that reflects the strength of the site and the surrounding trade area.

The property is situated at the hard‑corner, signalized intersection of East Chandler Boulevard and South Desert Foothills Parkway (42,850 CPD) in the Ahwatukee Foothills, one of Phoenix’s most desirable residential communities. Ahwatukee Foothills was ranked #1 in 2025 Best Neighborhoods to Live in Phoenix by Niche.com and is characterized by high barriers to entry due to community association restrictions. The trade area features affluent demographics with an average household income of $206,000 within a one‑mile radius, strong surrounding retail, and sustained demand for drive‑thru retail formats. The broader Phoenix metropolitan area, home to 5.2 million residents, remains one of the nation’s fastest‑growing major markets and a key driver of long‑term retail investment activity.