Passco Acquires New Mexico Center, Refinances Las Vegas Property

Rio Rancho, N.M. — New Mexico center sold for $2.85 million; Las Vegas site refinanced with $25.8 milllion.

Southern & Unser Shops in Rio Rancho, N.M.Rio Rancho, N.M.  — Irvine, Cali.-based Passco Companies has acquired Southern & Unser Shops, a 9,135-square-foot center in Rio Rancho, N.M., for $2.85 million. The center was built in 2011 on 1.018 acres. The center was 100 percent occupied with six tenants including Five Guys Burgers and Fries, Papa Murphy’s, Supercuts, Nutrishop, Sushi King and Cold Stone Creamery. Jim Wible of NAI Maestas & Ward represented the seller in the transaction, and Passco was self-represented by vice president, strategic investments Alan Clifton.

In addition to Passco’s recent acquisition in New Mexico, the company has also negotiated a $25.8 million loan to refinance Silver City Plaza in Las Vegas. The 41,583-square-foot shopping center is anchored by Ross Dress for Less and Walgreen’s. Other notable tenants include Denny’s restaurant, a 7-Eleven store, Paramount Marketing Consultants, and the Crazy Ely gift shop. The loan was arranged through Jonathan Schurgin and Jeff Giudice with Cantor Commercial Real Estate. Clifton, once again, represented Passco in the transaction.

— Brittany Biddy

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