Pine Ridge Marketplace
A single-level enclosed shopping center in Prescott, Arizona, formerly known as Prescott Gateway Mall.
Last updated August 25, 2026
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Overview
Pine Ridge Marketplace is a single-level enclosed shopping center serving Prescott and the surrounding communities of northern Arizona. The property opened on March 8, 2002, as Prescott Gateway Mall after several years of planning, zoning activity, community opposition, and legal challenges. It was developed by Westcor on the east side of Prescott along Arizona State Route 69, a location intended to capture traffic from the growing regional market and provide larger-format retail space than was available at the existing Ponderosa Plaza. The center was planned around major department-store anchors, including JCPenney, Sears, and Dillard's. JCPenney and Sears had previously operated at Ponderosa Plaza, but their managers viewed those locations as too small for their requirements. Westcor also recruited national specialty retailers and restaurants, with original or early tenants including Barnes & Noble, Linens 'n Things, Buckle, KB Toys, and Casual Corner. Linens 'n Things was positioned in an outdoor village area in front of the enclosed mall. The project opened with a public celebration marketed as the “Party of the Year” and was approximately 80 percent leased at opening. Its reported occupancy increased to about 86 percent during the following year as additional stores joined the tenant mix. The tenant base changed substantially over time as national chains retrenched or closed. Barnes & Noble, an original tenant, left in 2011. Linens 'n Things closed in 2008, and the space was later occupied by Bed Bath & Beyond beginning in late 2009. Trader Joe's, announced in 2011, opened in an outparcel at the Shops at Prescott Gateway in 2012, extending the property’s retail offer beyond the enclosed mall itself. Sears became part of Seritage Growth Properties in 2015 after Sears Holdings transferred a portfolio of real-estate interests into the separate real-estate company. The Sears store subsequently closed on February 2, 2020, following a nationwide closure plan announced in 2019. Ownership also changed during the center’s life. The property was sold to the Tabani Group in 2013 and later acquired by Kohan Retail Investment Group in 2018 for a reported $8.8 million. In 2024, ZL Prescott, LLC became the owner and completed a reported $2.5 million renovation. On January 1, 2024, the property adopted the Pine Ridge Marketplace name, replacing the Prescott Gateway Mall identity. The current center therefore represents both a continuation of the Prescott Gateway retail complex and a rebranding intended to support its next phase. Its principal role remains that of a local and regional shopping destination, combining enclosed retail space, former department-store anchor areas, and adjacent outparcel businesses.
History
Plans for what became Pine Ridge Marketplace were first announced by Westcor in 1998. The proposed shopping center was to be built east of Prescott along Arizona State Route 69. Its development generated local opposition, particularly after the city council approved a zoning change needed for the project. Community members petitioned for a referendum, reflecting concerns about the mall’s effect on existing businesses, land use, and the character of the Prescott area. Westcor’s original anchor plan included JCPenney, Sears, and Dillard’s. JCPenney and Sears already operated at Ponderosa Plaza, an existing Prescott shopping center, but managers of both businesses considered their existing stores undersized. The new project was intended to provide larger premises and a more comprehensive regional retail destination. A lawsuit was later filed concerning the agreement between the city and the mall developers. That legal action was ultimately dropped, allowing the development process to continue. Construction began in 2001. In addition to the three planned department-store anchors, the initial tenant program included Barnes & Noble and Linens 'n Things. Linens 'n Things was placed in an outdoor village section located in front of the enclosed mall. Westcor representatives described the Prescott market as sufficiently diverse to make tenant selection challenging, while also projecting that the center would be more than 96 percent leased by 2002. The mall opened on March 8, 2002, after a pre-opening celebration promoted as the “Party of the Year.” It introduced several retailers that were new to the Prescott market, including Buckle, KB Toys, and Casual Corner. The center was about 80 percent leased when it opened. During its first year, occupancy rose to approximately 86 percent, with 24 additional stores joining the property. The retail mix subsequently evolved as tenants responded to broader changes in the national retail sector. Linens 'n Things closed in 2008, and its premises later became a Bed Bath & Beyond store in late 2009. Barnes & Noble, which had been an original tenant, closed in 2011. Trader Joe’s was announced in 2011 and opened in 2012 in an outparcel associated with the Shops at Prescott Gateway, giving the wider property a grocery component and a destination outside the enclosed mall. Ownership changed in 2013, when the mall was sold to the Tabani Group. In 2015, Sears Holdings separated ownership interests in 235 properties, including the Sears location at Prescott Gateway Mall, into Seritage Growth Properties. The Sears store itself remained an important historical anchor, but Sears announced in November 2019 that the Prescott location would close under a nationwide store-reduction program. It closed on February 2, 2020. Kohan Retail Investment Group acquired the mall in 2018 for a reported $8.8 million. The next major transition occurred in 2024, when ZL Prescott, LLC became the new owner and completed a reported $2.5 million renovation. On January 1, 2024, the property was renamed Pine Ridge Marketplace. The new name distinguishes the current center from its former Prescott Gateway Mall identity while preserving continuity with the retail complex and its associated outparcel development.
- 2024
Renovation and renaming
[1]ZL Prescott, LLC became the owner, completed a reported $2.5 million renovation, and renamed the property Pine Ridge Marketplace on January 1.
- 2020
Sears store closes
[1]The Sears anchor closed on February 2 after a nationwide closure announcement in 2019.
- 2018
Kohan Retail Investment Group acquires the mall
[1]Kohan Retail Investment Group purchased the property for a reported $8.8 million.
- 2015
Sears real-estate interest transferred to Seritage
[1]The Sears property was included among assets separated from Sears Holdings into Seritage Growth Properties.
- 2013
Sold to Tabani Group
[1]The mall changed ownership when it was sold to the Tabani Group.
- 2012
Trader Joe's opens
[1]Trader Joe's opened at the Shops at Prescott Gateway outparcel.
- 2011
Barnes & Noble closes; Trader Joe's announced
[1]Barnes & Noble departed, while Trader Joe's was announced for an outparcel associated with the center.
- 2009
Bed Bath & Beyond takes over former Linens 'n Things space
[1]The former Linens 'n Things premises became a Bed Bath & Beyond store in late 2009.
- 2008
Linens 'n Things closes
[1]The original Linens 'n Things tenant left the outdoor village portion of the property.
- 2003
Occupancy expands after opening
[1]The center’s reported occupancy increased from approximately 80 percent at opening to about 86 percent a year later, with 24 additional stores.
Products and positioning
A local and regional shopping center combining department stores, specialty retail, food, services, and adjacent outparcel businesses for Prescott-area consumers.
Retail real estate · 2002
Enclosed shopping center
The core offering is a single-level enclosed shopping center serving Prescott and nearby communities. It provides space for department stores, specialty retailers, food outlets, and service businesses, supported by common mall facilities and parking. The center is complemented by an outdoor village area and outparcel properties that broaden the tenant mix beyond the enclosed structure.
Department stores · 2002
Department-store anchor space
The original anchor strategy centered on JCPenney, Sears, and Dillard's. These stores were intended to provide larger-format department-store space than was available at Ponderosa Plaza and to generate regular traffic for surrounding specialty tenants. Sears later closed in 2020; the available material does not establish the current status of every anchor space.
Outparcel retail · 2012
Shops at Prescott Gateway outparcel retail
The broader property includes retail space outside the enclosed mall. Trader Joe's opened an outparcel store in 2012, demonstrating the role of adjacent standalone premises in extending the center’s offer into grocery and destination-oriented retail.
Marketing campaigns
- 2002Party of the Year opening celebration
Prescott, Arizona
The mall promoted a public opening celebration called the “Party of the Year” immediately before its March 8 public opening. The event was intended to introduce the new regional shopping destination and its national retailers to the Prescott market.
Outcome. The center opened at approximately 80 percent leased and expanded reported occupancy to about 86 percent during its first year.
Brand decisions
2024
Renovate and rebrand as Pine Ridge MarketplaceStrategyBackground
A new owner sought to refresh the property and establish a new identity after years of tenant changes and the loss of the Sears anchor.
Action taken
ZL Prescott, LLC completed a reported $2.5 million renovation and renamed the shopping center Pine Ridge Marketplace on January 1, 2024.
Aftermath
The center continues operating under the Pine Ridge Marketplace name, while Prescott Gateway remains an important former name and alias.
Reported renovation investment. $2.5 million (Completed by January 1, 2024)
2019
Close the Sears anchorOtherBackground
Sears announced a nationwide store-reduction program that included the Prescott Gateway location.
Action taken
The Sears store was designated for closure and ceased operations on February 2, 2020.
Aftermath
The closure removed one of the mall’s original department-store anchors and changed the center’s historical anchor configuration.
2018
Kohan Retail Investment Group acquisitionM&ABackground
The shopping center underwent another ownership change amid continuing evolution of its tenant base and anchor portfolio.
Action taken
Kohan Retail Investment Group acquired the mall for a reported $8.8 million.
Aftermath
The property remained under Kohan ownership until the subsequent transfer to ZL Prescott, LLC.
Reported acquisition price. $8.8 million (2018 acquisition)
2013
Sell the mall to Tabani GroupM&ABackground
After roughly a decade of operation, the property entered a new ownership phase.
Action taken
The mall was sold to the Tabani Group.
Aftermath
The property later changed hands again in 2018.
2002
Launch Prescott Gateway MallProduct launchBackground
The project was designed to add larger department-store capacity and national specialty retail to the Prescott market.
Action taken
Westcor opened the single-level enclosed mall on March 8, supported by three planned anchors and a range of specialty tenants.
Aftermath
The mall opened at about 80 percent leased and reported higher occupancy the following year.
1998
Develop a larger regional mall east of PrescottStrategyBackground
Westcor sought to create larger retail premises on State Route 69 because managers of JCPenney and Sears considered their existing Ponderosa Plaza stores too small.
Action taken
The developer proposed an enclosed mall with JCPenney, Sears, and Dillard's as anchor stores, together with specialty retailers and an outdoor village component.
Aftermath
The proposal led to local opposition, a referendum effort, and a lawsuit over the city-development agreement before construction proceeded.
Sources1 sources
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