Passco Real Estate is fine-tuning its agreement to buy three low-end malls from a Whitehall Street Real Estate Fund partnership

Real Estate Alert, June 23, 2004

Passco Real Estate is fine-tuning its agreement to buy three low-end malls from a Whitehall Street Real Estate Fund partnership. After conducting due diligence, Passco decided to pass on the 444,000-sf Shawnee Mall in Shawnee, Okla. Passco also told Whitehall it would need two to three months before going under contract for the 581,000-sf Mesilla Valley Mall in Las Cruces, N.M., and the 569,000-sf Villa Linda Mall in Santa Fe, N.M.

Whitehall is discussing its options with broker Granite Partners. The malls were originally part of a six-property portfolio valued at $241 million. The other three properties are under contract to other buyers.