MIMCO, one of El Paso’s largest commercial real estate development and management companies, is the new owner of a shopping center on the Eastside.
About three weeks ago, MIMCO closed the deal to acquire Montwood Shopping Center, which is home to an Albertsons grocery store, Great American Steakburger, Ace Hardware and Montwood Movies 7.
MIMCO bought the 178,000 center at an undisclosed price from Noddle Companies, a real estate firm based in Omaha, Nebraska, that owned the property since the late 1980s.
“We’re just excited about making another investment in El Paso, and we’ll continue growing our retail base,” said MIMCO executive Bob Ayoub. “It’s a great neighborhood.”
Ayoub said he sees potential in the aging shopping center at the intersection of Yarbrough and Montwood, but they don’t have any development plans yet.
MIMCO owns more than 320 properties and leases space to about 1,500 tenants.