El Paso’s two largest shopping center developers have completed another large transaction.
River Oaks Properties sold its large Promenade shopping center in a booming commercial area in West El Paso to Mimco, one of its main competitors.
The 70,000 square-foot center at 7500 N. Mesa St., across the street from a Walmart Supercenter and Home Depot, was built about 40 years ago, making it one of River Oaks’ oldest and largest neighborhood strip shopping centers, Adam Frank, River Oaks president, said in an email.
No purchase price was disclosed for the deal completed Oct. 16. But the property is valued for tax purposes at $5.1 million by the El Paso Central Appraisal District.
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The sale comes 3½ months after Mimco bought nine El Paso shopping centers from River Oaks.
“Mimco and River Oaks maintain a great working relationship, and the acquisitions continue to improve both companies’ business models,” Benjamin “Ben” Marcus, a co-owner of the company headed by his father, Meyer Marcus, said in an email.
River Oaks’ Frank said selling the Promenade is part of River Oaks’ ongoing effort to diversify its property portfolio outside of El Paso. That has resulted in the El Paso company, founded and headed by Gerald Rubin, buying multimillion-dollar properties in Florida.
However, most of its portfolio remains in El Paso, where it owns and operates about 180 properties, most of those shopping centers. It also has a handful of properties in Florida, New York, and Denver.
Mimco owns and operates about 350 properties in Texas, New Mexico and Arizona, with about 185 of those in El Paso. Most of its properties are shopping centers.
“Our primary focus continues to be retail real estate throughout Texas and the Southwest region,” Marcus said.
“We love that the Promenade exceeds 1,000 feet of Mesa Street frontage,” Marcus said. “This is a strong retail corridor” with very strong traffic counts, he said.
The shopping center has 27 tenants, many of those in the center for decades, and only two vacancies, Marcus said.
“The center has a nice blend of local mom and pop businesses along with strong regional and national tenants, including Cici’s Pizza, Orange Leaf Yogurt, Mattress Firm, Pei Wei (Asian Kitchen), Leslie’s Pool Supplies, and Wing Daddy’s,” he said.
Two other well-known El Paso businesses also are in the center: A Chilaquiles Buen Dia restaurant and Bella Cora Bakery.
The Promenade has been well-maintained through the years, Marcus said. But Mimco plans to install a new roof early next year, he said.
Vic Kolenc may be reached at 915-546-6421; vkolenc@elpasotimes.com; @vickolenc on Twitter, now known as X.
This article originally appeared on El Paso Times: River Oaks sells large Promenade shopping center in West El Paso to competitor Mimco
Reporting by Vic Kolenc, El Paso Times / El Paso Times
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