EL PASO – One of the city's largest shopping centers is part of a portfolio of 49 shopping centers in Texas and the northeastern United States being sold for $1.9 billion by RioCan Real Estate Investment Trust of Toronto.
The 638,000-sf Las Palmas Marketplace was developed in the late 1990s and early 2000s at I-10 and George Dieter Dr. on the city's east side.
The buyer is a year-old investment fund managed by Blackstone Group. The deal is expected to be completed by April 30.
Las Palmas has 51 stores and a string of restaurants. It's anchored by a Kohl's department store, Lowe's home improvement store, and a 20-screen Cinemark theater, which is owned separately from the rest of the center.
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