Passco Companies recently celebrated its 25th anniversary with a trip to the site of the transaction that put them on the map: a 1031 exchange acquisition of Puente Hills Mall in City of Industry. The 2003 deal, involving Passco and 32 other investors, was valued at $148 million and two years later traded for $170 million.
The shopping center had already made history before it figured in this landmark real estate deal as it stood in for Twin Pines Mall from hit 1985 movie Back to the Future . To commemorate their milestone, celebrants were greeted by a replica time machine when they arrived at mall where “Twin Pines” signage is still displayed today. They presented property manager Ken Mason with lifetime achievement award since he was manager during purchase back in 2003.
Since then Passco has built up an impressive portfolio across 15 states primarily consisting of multifamily properties such as Pearce at Pavilion located Riverview FL (pictured). A recap video below provides further details about their 25th anniversary celebration event.
The post Celebrate 25 Years with Passco Travels: A Journey Back in Time appeared first on CRE MarketBeat.
