Editor's note: This article has been updated to clarify real estate broker Juan Uribe's role in the downtown real estate transaction. Add a comment regarding the selling price reported by Uribe. Correct the address in the caption of the photo taken outside 307 S. Stanton St.
A company affiliated with Dallas-based Parking Systems of America has purchased nine buildings in a depressed retail district in downtown El Paso, but says they were not purchased for parking. said the company's owner.
The retail properties, located in areas with a lot of vacant retail space, were owned by River Oaks Properties, a major El Paso shopping center developer. El Paso's leading shopping center developer, which has owned El Paso properties for many years, has withdrawn from the downtown market.
Fred Baker, owner and president of Parking Systems of America and its sister company Belclair Realty, which buys and manages real estate, said the El Paso properties were not purchased with the intention of converting them into parking lots. He said no.
“Our strength is in downtown America. We're interested in real estate in urban centers,” Baker said. “It started out as a parking lot, but over the years it expanded to a variety of assets.”
Parking Systems operates dozens of parking garages and garages in downtown El Paso, some of which are owned by Belclair. The real estate investment firm has other previously purchased downtown El Paso properties in his portfolio.
“Even though we're in the parking lot business, we don't necessarily want to demolish everything, but there may be uses for the building that require parking space,” he said.
The sale price is reportedly over $3 million.
River Oaks and Belclair officials did not disclose the transaction price.
But Juan Uribe, owner-broker of the real estate firm Team Juan Uribe and the listing agent for the sale, said nine properties sold for just over $3 million.
River Oaks owner and CEO Jerry Rubin said the price was higher than Uribe reported, but declined to provide numbers.
Rick Amstater, a partner at El Paso commercial real estate firm RJL Real Estate Consultants and representing the buyer, said he could not comment on the sale price.
Eight buildings containing multiple stores sit on the 200, 300, 400, 700 and 800 blocks of South Stanton Street, part of downtown's depressed retail shopping district. The Boots store is located at 201 E. Overland Ave., across from the Starr Western Western Wear store and a few blocks from South Stanton Street.
more: “With a broken heart'' The owner of a 105-year-old downtown El Paso store announces closure.
Downtown's retail industry has been hit hard in recent years by a significant drop in Mexican shoppers, the traditional lifeblood of downtown shopping districts, and Stanton Street is full of vacant lots.
Part of the decline is related to Mexican shoppers being barred from entering El Paso for nearly two years due to health concerns due to the COVID-19 pandemic.
Although the international port of entry reopened to Mexican shoppers in November 2021, retail traffic, already hurt by other economic events, was not the same downtown.
River Oaks gives up on downtown.
River Oaks' Rubin said downtown retail has disappeared.
“We used to have 30 properties downtown,” he said. His nine properties sold to Belclair were the last in River Oaks' downtown portfolio.
“There's no growth downtown. What's growing is all the way to East El Paso,” Rubin said.
River Oaks owns many shopping centers on both the west and east sides of El Paso and continues to develop multiple shopping centers on the far east side.
more: Vacant buildings in downtown El Paso await the next wave of redevelopment
“I hope (downtown) El Paso goes back to what it was 10 years ago,” said Parking Systems' Baker, referring to when his company entered the market. “Let's see what happens.”
Despite the dire situation on much of Stanton Street, a few long-established retailers continue to operate there. For example, Mata's Fruit Store, part of his three-store small grocery chain in El Paso, remains open at 826 S. Stanton St., a busy location with shoppers.
In recent years, there has also been redevelopment of the downtown area, mainly around San Jacinto Plaza in the heart of downtown. It's where El Paso billionaire Paul Foster has renovated several buildings, including the former Kress department store building, which is being converted into a food hall.
Scouting new tenants using parking systems
Baker's company is analyzing what to do with the newly acquired El Paso property. Some of the buildings have tenants, but “we want to keep them,” he said.
Baker said the company plans to recruit new tenants, including bringing in national retailers. One of his buildings at 711 S. Stanton St. is home to the O'Reilly Auto Parts chain store.
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Another purchased building at 821 S. Stanton St. is home to the HKG Duty Free Store, part of a small Texas chain. His two other duty-free stores operated by other companies are also located in the 800 block of Stanton Street, which is connected to the Stanton Street Bridge, the port of entry to Juarez, Mexico.
Baker said the building could be renovated for a new tenant.
“We want them to produce something better than what they have now,” he said.
Vic Kolenc can be reached at 546-6421. vkolenc@elpasotimes.com; @vickolenc on Twitternow known as X.
