Construction is underway on a 160,000 sq. ft. Walmart Superstore at First Avenue and Wetmore Road, with opening anticipated later this year; Larsen Baker retains the adjacent 140,000 sq. ft. shopping centre.
WINNIPEG, MB — May 11, 2026 — Construction is underway on a 160,000 sq. ft. Walmart Superstore at the southwest corner of First Avenue and Wetmore Road in midtown Tucson, Arizona, following the sale of the anchor parcel by Shindico Realty Inc. and operating partner Larsen Baker LLC to Walmart Inc. The US$16.975 million transaction, which closed January 28, 2026, transferred approximately 11.7 acres at Tucson Place Shopping Center and cleared the way for the existing 86,400 sq. ft. store to nearly double in size. Walmart anticipates opening the expanded Superstore later this year.
Shindico has been a co-owner of Tucson Place alongside Tucson-based Larsen Baker, which has served as developer and property manager since the centre’s assembly. The disposition realizes a significant gain on the partnership’s long-held investment and reflects Walmart’s continued commitment to the trade area. Larsen Baker will continue to manage the remaining 140,000 sq. ft. of the shopping centre for the partnership, which will continue to benefit from increased traffic generated by the expanded Superstore.
“Seeing construction now underway on the new Superstore is the right outcome for everyone — Walmart secures the footprint it needs to invest in a flagship store, and our partnership realizes the value we built over many years at Tucson Place. Larsen Baker has been an outstanding operating partner, and we look forward to the next chapter of the centre under their continued stewardship.”
— Sandy Shindleman, Founder & Chairman of Shindico Realty Inc.
Common Bond Development represented Walmart in the transaction. Tucson Place forms part of Shindico’s select U.S. retail holdings, held in partnership with leading regional operators. It complements the firm’s core Canadian portfolio of shopping centres, office buildings, industrial parks, and multifamily assets.
Building on more than fifty years of Canadian ownership and management experience, Shindico is actively acquiring in select U.S. middle-market metros, with capital allocated to grocery-anchored and neighbourhood retail centres and Class B/C multifamily communities. The firm is a decisive, all-cash-capable buyer for the right assets and welcomes direct outreach from owners considering a sale, brokers with listings, and regional operators seeking a long-term capital partner. Send opportunities to Alex Akman at
About Shindico
Founded in 1975, Shindico Realty Inc. is a full-service commercial real estate company and one of the largest privately owned real estate firms in Manitoba. As owners and managers of commercial real estate, Shindico’s diverse portfolio of properties includes shopping centres, office buildings, industrial parks, multifamily apartments, personal storage, and mixed-use developments. We have successfully developed more than 8 million square feet of innovative sites and spaces, with another 13.1 million already in the works.
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MEDIA CONTACT:
Sandy Shindleman, CCIM, SIOR, CRE, FRICS
Founder & Chairman
Shindico Realty Inc.
(204) 474-2000
www.shindico.com
