EL PASO - Las Palmas Marketplace, one of El Paso's largest shopping centers, is being sold again for what a New York real estate data firm estimated could be as much as $138.4 million—$54 million more than it sold for in 2010, and almost $66 million above its tax appraisal.
The buyer is a year-old investment fund managed by Blackstone Group, a global investment firm based in New York that's known as the world's largest real estate investor.
Las Palmas, a 638,000-sf center, was developed in the late 1990s and early 2000s at I-10 and George Dieter Dr. on the East side.
It 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.
Las Palmas is part of a portfolio of 49 shopping centers in Texas and the Northeastern U.S. being sold for $1.9 billion by RioCan Real Estate Investment Trust, a Toronto-based shopping center owner and operator.
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