El Paso’s Las Palmas Marketplace now in Canadian hands

EL PASO – RioCan, a Canadian shopping center owner and operator, has taken over ownership and management of the 638,000-sf Las Palmas Marketplace located at I-10 and George Dieter in East El Paso.

RioCan bought out its two Las Palmas partners — Dunhill Partners, a Dallas shopping center operator and Kimco Realty, a real estate investment trust located in the New York City area.

RioCan paid $37 million and $32 million for Dunhill and Kimco’s interests, respectively, with both interests acquired at a capitalization rate of 6.4 percent.

In connection with the acquisitions, assumed Dunhill and Kimco’s share of the existing mortgages: $18 million from Dunhill and $15 million from Kimco, bearing interest at 5.40 percent and maturing in April 2022.

Las Palmas is anchored by a Kohl’s department store, a Lowe’s home improvement store, a 20-screen Cinemark movie theater, and a string of national chain restaurants. It has more than 40 stores and restaurants.

Read more at the El Paso Times and MarketWired.

Listen to Podcast 222 for this story under Small Towns, Big Deals.