Dallas' Parking Systems-tied firm buys Downtown buildings as retail developer exits
Editor’s Note: This story was updated to clarify real estate broker Juan Uribe’s role in the Downtown properties’ transaction; add comments about the sale price reported by Uribe; and correct the address in a caption for a photo taken outside of 307 S. Stanton St.
A company tied to Dallas-based Parking Systems of America has bought nine buildings in a struggling retail district in Downtown El Paso, but they were not purchased to become parking lots, the company's owner said.
The retail properties, in an area filled with empty retail spaces, were owned by River Oaks Properties, a large El Paso shopping center developer exiting the Downtown market after years of owning properties there.
Fred Baker, owner and president of Parking Systems of America and its sister company, Belclaire Realty, which buys and manages real estate, said the El Paso properties weren't purchased with the thought of turning them into parking lots.
"Our forte is Downtown USA. We're interested in real estate in the inner city," Baker said. "The beginnings of that was with parking lots and extended out over the years into different assets."
Parking Systems operates dozens of Downtown El Paso parking lots and parking garages, some owned by Belclaire. The real estate investment company has other previously purchased Downtown El Paso properties in its portfolio.
"Even though we're in the parking business, we don't necessarily want to tear everything down. But there might be an application" where a building may need parking spaces, he said.
Sale price reportedly over $3 million
River Oaks and Belclaire officials did not divulge the deal’s sale price.
However, Juan Uribe, owner-broker of the Team Juan Uribe real estate firm and listing broker for the sale, said the nine properties sold for just over $3 million.
Jerry Rubin, River Oaks owner and chief executive officer, said the price was higher than what Uribe reported, but he declined to divulge the number.
Rick Amstater, a partner in El Paso commercial real estate firm RJL Real Estate Consultants and the buyer’s representative, said he could not comment on the sale price.
Eight buildings, several with multiple storefronts, are on the 200, 300, 400, 700, and 800 blocks of South Stanton Street, part of Downtown's struggling retail shopping district. One with a boot store is at 201 E. Overland Ave., across the street from a Starr Western Western Wear store, and several blocks from South Stanton Street.
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Stanton Street is filled with vacant spaces as Downtown's retail sector has been hit hard in recent years by the substantial decline in shoppers from Mexico — the traditional lifeblood for Downtown merchants.
Part of that decline is tied to Mexican shoppers being barred from crossing into El Paso for almost two years because of health concerns during the COVID-19 pandemic.
The international ports of entry reopened to Mexican shoppers in November 2021, but the retail traffic, already hurt by other economic events, has never been the same in Downtown.
River Oaks gives up on Downtown
The Downtown retail business has disappeared, River Oaks' Rubin said.
"We used to have 30 properties in Downtown," he said. The nine properties sold to Belclaire were the last of River Oaks' Downtown portfolio.
"There's no growth Downtown. The growth is in far East El Paso," Rubin said.
River Oaks owns many shopping centers in both West and East El Paso, and continues to develop multiple centers on the far East Side.
More: Downtown El Paso's vacant buildings await next wave of redevelopment
Parking Systems' Baker said, "Hopefully (Downtown) El Paso will come back where it was 10 years ago," about when Baker's company entered this market. "We'll see what happens. "
Even with much of Stanton Street in dire straits, a few longtime retailers continue to operate there. For example, Mata's Fruit Store, part of a small, three-store El Paso grocery chain, continues operating a store at 826 S. Stanton St., which is often full of shoppers.
Some Downtown redevelopment also has occurred in recent years, mainly around San Jacinto Plaza, in the heart of Downtown. That's where El Paso billionaire Paul Foster has renovated several buildings, including one underway at the former Kress department store, which is being transformed into a food hall.
Parking Systems scouts for new tenants
Baker's company is analyzing what to do with the newly acquired El Paso properties. Some of the buildings have tenants, who "we want to keep," he said.
The company plans to recruit new tenants, including trying to bring in national retailers, Baker said. One of the buildings at 711 S. Stanton St. has an O'Reilly Auto Parts chain store.
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Another purchased building at 821 S. Stanton St. has an HKG Duty Free store, part of a small Texas chain. Two other duty free stores operated by other companies also are on the 800 block of Stanton Street, connected to the Stanton Street Bridge, a port of entry to Juárez, Mexico.
Buildings can be renovated for new tenants, Baker said.
"We want to make them produce better than what they are now," he said.
Vic Kolenc may be reached at 546-6421; vkolenc@elpasotimes.com; @vickolenc on Twitter, now known as X.
This article originally appeared on El Paso Times: Dallas' Parking Systems-tied firm buys Downtown El Paso buildings
