A Texas-based REIT is utilizing 721 exchanges to acquire a portfolio of 17 unanchored shopping centers in El Paso.
Houston-based KM Realty, a REIT that specializes in unanchored retail centers in Texas, New Mexico and Arizona, is acquiring 17 properties encompassing more than 500K SF in total from El Paso-based Cavalier Property Management for an undisclosed price.
The acquisition expands KM Realty's holdings to 76 properties, Randy Keith, KM Realty managing principal, told El Paso Inc. The company, which has 57 assets in Houston, has been growing its portfolio by targeting for acquisition unanchored shopping centers.
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