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Historically, the El Paso market is often overlooked, primarily due to its distance from other major Texas markets. However, that sentiment is shifting rapidly due to strong economic and population growth. While an accurate figure is difficult to pin down, the number of new entries to the market and expanding franchises has exploded in recent years. “As recently as 2015, national and regional operators were only beginning to recognize the sales potential of the El Paso market and just how underserved the growing population had become. Competition was limited which led to advantages for existing operators. The landscape shifted dramatically due to the pandemic – since Q2 2020, new categories of operators have become active and marketing quality sites generally leads to multiple offers from competing operators including car washes, lube shops, coffee shops and other QSR’s. We love to see this variety move into our market and drive competition for their next great location,” states Scott Walker, President of MIMCO.
Market competition is advantageous and a key driver of innovation. Retailers use competition to discover and adopt the most efficient processes that will allow them to deliver new and improved products to the consumer. This newfound competition in El Paso is forcing retailers to step up their offerings in order to capture market share in this consumer driven economy.
MIMCO, like most landlords and developers in Texas, has seen an enormous jump in demand for sites that offer drive-thru and pick-up windows. The lack of existing supply, coupled with increased demand has turned average pad sites into highly sought-after options in the market. Traditionally, MIMCO would acquire land sites and market the least desirable portion of the site to traditional retailers. Now, in the current climate, the demand for pad sites from new entries to El Paso is what drives the marketing. An added benefit is that these pad users drive so much traffic that it’s now easier to solve for the less desirable or rear portions of sites. With this new demand, El Paso landlords have an exciting opportunity to reimagine their existing portfolios and consider new functionalities of sites they own. With national tenants hunting for property free and clear of buildings, trees and other impediments, there is little hesitation to invest dollars toward repurposing sites. MIMCO has recently had success repurposing former small-format gas stations, well-positioned office buildings on major arterials, and even tennis courts, into a new class of retail loaded with quality tenants.
As one of largest owners and developers of retail commercial real estate in the Southwest, the team at MIMCO has worked hard to navigate the challenges of the past two years. During this time, the primary focus was to assist the company’s existing tenants, although many challenges these businesses faced were outside of MIMCO’s control. Fortunately, the economy swiftly saw a return to pre-pandemic occupancy levels, even as consumer patterns were changing. While MIMCO is pleased to see new growth in its own centers, the team is excited to see continued growth in the community through new developments. Local and national developers are moving dirt, signing new leases, and redeveloping underutilized sites in El Paso’s neighborhoods. This range of new developments spans from the enormous Amazon fulfillment center going live in El Paso’s far Eastside, to a local developer putting forth one of El Paso’s first village-style retail projects in far Northwest. In addition, new retailers continue entering El Paso and joining these new developments, leading to compounding growth for El Paso as these new entries look for multiple locations. Although activity is up and deals are closing, it is important to consider the massive increases in construction costs, material costs and labor costs. Shipping logistics have been thrown off and increasingly long delays are common. Planning and budgeting of new projects is never an exact science, but with these uncertainties, it’s created a strange climate of unknowns. Inflation is consistently top of mind, forcing landlords to push rents across their portfolios to keep up with the market.
Two corridors that typically stand out to new entries in the market are Artcraft/Paseo Del Norte in the Northwest submarket and Eastlake Blvd/I-10 in the Southeast submarket. While activity in those submarkets is incredible and usually a top choice for a first or second location, more operators are pivoting to find infill sites for subsequent locations. One prime example of these infill sites is seen as you drive by the site formerly known as the El Paso Independent School District Tennis and Training Center. When MIMCO won the bid for the 10-acre site covered with 20 plus tennis courts and a clubhouse, many thought it was an odd play to take on a large and speculative project in the Northeast submarket. When marketing of the redevelopment kicked off, activity was strong. It quickly became clear there was plenty of interest from national and regional operators to fill a void in an underserved market. At the height of marketing this project, the pandemic hit, leading to uncertainty and some delays. However, as time passed, it became clear that business would return, operators still needed to grow and the fundamentals that proved up the site in the beginning remained the same. Olive Garden had been looking to fill a hole in this submarket for years in order to capture the surrounding rooftops. Tommy’s Express Carwash recognized the lengthy wait times at the limited number of car washes in the area. Other uses - ranging from traditional retail/service providers, medical, restaurant and a hotel - landed sites to round out the development in a combination of free standing and multi-tenant buildings. More recently, MIMCO signed its first deal with Dutch Bros, an exciting drive-through focused coffee chain that is relatively new to El Paso. As of today, this development has two pad sites remaining which offer an opportunity to join an established and well-rounded tenant mix. MIMCO thrives on developing these relationships and is constantly searching for A+ sites to put in front of businesses that provide new experiences for the people of El Paso.
Now in the second quarter of 2022, MIMCO is deeply aware of the headwinds affecting the industry and the nationwide economy. Rising inflation, rising interest rates and geopolitical unknowns will undoubtedly affect the community’s daily lives and wallets. That said, if the company’s rebound from the great recession and global pandemic are any indication, it is MIMCO’s belief that things will continue to look up for El Paso and the State of Texas for the foreseeable future. El Pasoans are widely known for their warm and welcoming personalities. Its property owners, developers and real estate professionals are no different. Together, we look forward to increased and continued attention from retailers, service providers and restaurants looking to plant their flag in this thriving Texas city.
Andy Moreno has been with MIMCO 14 years working operations, acquisitions, and business development with tenants. Andy can be reached at amoreno@mimcoproperties.com.
McGee Sauls has been in the Commercial Real Estate industry for 12 years and with MIMCO for over 5 years, working primarily in a leasing role across the portfolio in addition to business development. McGee can be reached at msauls@mimcoproperties.com.
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Mike Martinez - KISS FM
The northeast’s come up is real, y’all.
First, a brand-new Olive Garden opened in February followed by a Burlington in March. And now, a Dutch Bros Coffee and four other new businesses will open on that side of town by the end of the year.
Northeast El Paso Seeing Long Overdue Growth
Northeast El Paso has been undeserved by businesses for years, but more shopping and dining establishments are opening locations in the area or announcing plans to do so.
And it’s not just restaurants and department stores. A residential community that will includes homes and apartments, a school, and a hike and bike trail system is currently being developed near Painted Dunes Golf Course.
Dutch Bros Coffee Brewing Up Northeast Location
If you’re a coffee connoisseur and you live or work in northeast, you’ll be happy to know Dutch Bros Coffee is expanding to your side of town in 2022.
Documents show a franchise location will be going up at 4810 Woodrow Bean Transmountain Dr.
Like the two Dutch Bros’ that have already opened around El Paso and the three currently under construction, the future northeast location will have a double drive-thru lane and walk-up window. There will not be any indoor seating.
Where On the Northeast Is It Going to Be?
An site plan illustration shows it adjacent to Olive Garden.
As of this writing it’s still an empty lot, but according to documents submitted to the state, construction is expected to begin in mid-June and a projected completion in mid-to-late September. However, those dates aren’t always set in stone. (Pun totally intended.)
4 Other New Businesses Coming to Northeast
The area along Woodrow Bean Transmountain and Kenworthy has seen numerous businesses pop up over the last year or so. The Shack Wings & Brews, Boozy Tacos and Tap, Gentleman’s Barbershop, Teapioca Lounge, and a Pizza Hut have all recently opened.
Currently, under various stages of construction, is a Tommy’s Express Car Wash, Jiffy Lube, Marco’s Pizza, and Tropical Smoothie Café. All will likely open by the end of the year.
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Ashlee Burns Corpus Christi Caller Times
Several new stores are coming to the Five Points Shopping Center in Calallen.
A Freedom Fitness is opening soon in Calallen. The gym will be in the former 5 Star Cinema building at 4147 I-69 Access Road in the Five Points Shopping Center. According to the MIMCO properties website, new stores including a Big Lots, DD’s Discounts, Melrose and The Boot Jack could open soon.
A rendering from the property owner shows a Big Lots store replacing the Hobby Lobby. The Hobby Lobby recently moved into a new location at 3549 IH 66 Access Road.
According to the property owner, MIMCO, website, new stores including a Big Lots, DD’s Discounts, Melrose and The Book Jack are expected to open. The new store won’t take up the entire space formerly occupied by the craft store. The rendering shows a 9,375-square-foot lot and a 4,530- square-foot lot could also be available.
A dry cleaners, a dentist office, a Tipsy Canvas BYOB painting studio and an insurance office are also shown on the map. Two suites and two proposed suites are still available, according to the website.
It’s not clear when the stores will open.
MIMCO, a retail investment and development firm based in El Paso, acquired the shopping center in 2018.
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Mimco, LLC (MIMCO) is excited to announce that it is growing its team of 50+ talented professionals at its El Paso, Austin, and newly constructed San Antonio offices. A leading commercial real estate management and investment company headquartered in El Paso, MIMCO oversees 350+ separate commercial properties, totaling 8+ million square feet of retail and industrial product for its affiliated owners in Texas, New Mexico and Arizona.
“The southwest United States, particularly Texas, has our focused attention”, stated Meyer Marcus, MIMCO’s Founder and Chairman. “Succession planning and staffing are key focal points that require constant attention and work.” “We’ve had a presence in San Antonio for over 15 years, so strengthening our roots in the market with a new office and new hires will help our management and operations immensely throughout the region.”
“The retail landscape has changed tremendously during my tenure at MIMCO, but the one thing that has remained constant is having a strong team with a keen focus on the portfolios we manage and the clients we serve”, stated Scott Walker, MIMCO’s President. “We have focused the last year on assembling a robust team ready and excited for the growth ahead as we adapt to changing markets and take advantage of a broader range of opportunities coming our way.”
MIMCO has announced the following recent team promotions and new hires:
• Scott Walker, named President. Scott joined MIMCO 15 years ago and quickly established himself as a leader within MIMCO’s leasing department, negotiating hundreds of leases with regional and national tenants on a repeat basis across the portfolio. He has spent the last several years involved in MIMCO’s executive management decisions. In his new role, Scott will oversee the implementation and growth strategy moving forward, including leading the efforts to direct the overall growth initiatives by identifying new acquisitions, new partnerships and new investor relationships.
• Alex Cardoza, named Executive Vice President of Operations. Alex joined MIMCO over 10 years ago with a focus in property management but quickly learned the innerworkings of the business as he took on responsibilities across several departments, including accounting, property management, human resources and information technology. In his newest role, Alex will utilize his broad skills and experience to improve processes and efficiency across the entire company, which will enable MIMCO to achieve continued success during an unprecedented period of growth.
• Will Volk, newly hired Executive Vice President - Central Texas. Will joins MIMCO with over 12 years of experience in real estate brokerage, including time with Cushman Wakefield and the Retail Connection and most recently, Intrepid Equity Investments in Austin. Will’s primary responsibility will be to generate new deal flow in the Central Texas region and managing relationships related to acquisition and disposition efforts.
• McGee Sauls, named Senior Vice President – Leasing. McGee started his successful career at MIMCO in 2017 as Vice President, focused on leasing MIMCO’s ever-growing Central and South Texas portfolio. In a short time, McGee has proven himself as a creative dealmaker with unparalleled skills to manage all aspects of a transaction. He will now be managing and leading an eight-person department tasked with keeping occupancy high, deal flow steady, and building new tenant relationships for long term growth.
• Andy Moreno, named Senior Vice President – Marketing & Business Development. Andy has been with MIMCO since 2008, primarily focused on business operations and the management of deal-flow within its acquisition and disposition department. Having developed and implemented processes to successfully grow MIMCO’s footprint through acquisitions, Andy will bring his experiences and processes to leasing and marketing initiatives to source new opportunities in acquisitions, development, and tenant placement. He will work closely with Scott Walker and Will Volk in identifying opportunities across a wider spectrum of tenant uses, product types and new geographies.
• Alan Vieyra, newly hired Leasing Agent – Central & South Texas. Alan joins MIMCO with over five years of experience in commercial real estate and a passion for leasing to small businesses. With the last three years of his career focused in San Antonio, he joins MIMCO with a solid understanding of the market and relationships in the business.
• J.C. Caballero, newly hired Leasing Agent – El Paso & Southern New Mexico. J.C. brings a decade of experience in marketing, management and sales with the last six focused specifically in real estate. J.C.’s plans incorporate his sales and marketing experience into the broader MIMCO leasing efforts in El Paso and looks forward to helping businesses find their next location in a MIMCO property.
As published in: El Paso Inc Texas Real Estate and Business
Visit MIMCO’s newest development at the corner of Woodrow Bean Transmountain and Kenworthy St for an excellent lineup of tenants! Open now or coming soon are Olive Garden, Boozy’s Taco’s and Tap, Pizza Hut, Teapioca, Gentleman’s Barber Shop, Staybridge Suites, Jiffy Lube and Tommy’s Carwash Express.
The remaining land parcels up to 1.00 AC are avaialable For Lease, For Sale, or Build-to-Suit. Contact us today for more information: (915) 779-6500 or leasing@mimcoproperties.com
San Antonio, Texas: Commercial real estate firm MIMCO has partnered with San Antonio based non-profit, Emerge and Rise. The two companies will work together to increase the growth and advancement of local small businesses.
MIMCO, a well-established real estate management and investment company, attributes its success to maintaining high standards in service to ensure that its properties are well maintained and that the property management team is responsive to tenants’ needs. Headquartered in El Paso, with offices in San Antonio and Austin, MIMCO sought this partnership as an opportunity to give back to the Texas small business community. Emerge and Rise, is a small business incubator presenting professional opportunities and guidance to underrepresented entrepreneurs. The incubator focuses on providing tools and beneficial resources to owners such as veterans, minorities, women, immigrants, and previous felons.
“Emerge and Rise is providing valuable services to underrepresented members of the business community of San Antonio and, as MIMCO is a partner to many small businesses in the area, my team and I are pleased to offer our support to the organizations future endeavors,” said McGee Sauls, Vice President of MIMCO. “We look forward to working together with Emerge and Rise to continue to help local entrepreneurs.”
Nearing its 50th year in the industry, MIMCO is an invaluable resource for local entrepreneurs seeking to expand their knowledge in the commercial real estate field. Initiating its influence with a donation to Emerge and Rise’s business development program, MIMCO also plans to provide additional support of mentorship and expertise. In partnership, they intend to make a continuous positive impact on the communities of San Antonio.
For further inquiries about services, please visit: Emerge and Rise: emergeandrise.org
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MIMCO is now accepting credit card payments. Click here to download the Credit Card Payment Authorization Form.
By Taylor Williams/REBUSINESS Online
CORPUS CHRISTI, TEXAS — MIMCO, a retail investment and development firm based in El Paso, has acquired Five Points Shopping Center, a 276,593-square-foot retail power center in Corpus Christi. The property was 99 percent leased at the time of sale to several national tenants, including anchors Ross Dress for Less, Hobby Lobby, Party City and Petco. Chris Gerard, Chris Cozby, Mark Witcher and Blaine Dozier of CBRE represented the seller, Brixmor Property Group, in the transaction. The sales price was not disclosed.
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By Jessica Gonzalez / KFOX14
EL PASO, Texas — One of the newest Chick-Fil-A locations will open next week.
The location at 1300 Airway Blvd. is opening next Thursday and will bring more than 100 new jobs to the area.
It is Chick-Fil-A tradition to give up to 100 people the chance to win free Chick-Fil-A meals for a year.
Customers camp out the night before the grand opening of a new restaurant, hoping to be part of the lucky 100.
A children’s book drive will also be held. People are encouraged to bring new and gently used books to the grand opening to be put in a book house for a local youth organization.
The location at 1300 Airway Blvd. is opening next Thursday and will bring more than 100 new jobs to the area.
It is Chick-Fil-A tradition to give up to 100 people the chance to win free Chick-Fil-A meals for a year.
Customers camp out the night before the grand opening of a new restaurant, hoping to be part of the lucky 100.
A children’s book drive will also be held. People are encouraged to bring new and gently used books to the grand opening to be put in a book house for a local youth organization.
Anthony Martinez, a UTEP graduate, is the franchise owner for the Airway location. When Martinez was young, he lived in the Cielo Vista Apartments that were demolished to make way for his Chick-Fil-A restaurant.
Martinez was inspired by the culture and family-oriented atmosphere of his local Chick-fil-A and decided to pursue a career with the chain.
“We are devoted to our community and look forward to making a positive impact on the lives of our guests,” said Martinez, who brought 31 mall team members with him to the new location. “Our goal is to provide a remarkable experience for every customer, every time, by serving food our guests can truly feel good about eating, providing sincere hospitality and helping in a greater capacity than ever before.”
The restaurant will open at 6 a.m.
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By Vic Kolenc / El Paso Times / Follow @vickolenc
Published 7:00 a.m. MT April 17, 2018
Mimco Inc., a large El Paso shopping center development company, has purchased Montwood Mall on the East Side.
The 178,000-square-foot strip center, located at Montwood and Yarbrough drives, is anchored by a recently remodeled Albertsons supermarket and the Premiere Cinema Montwood Movies 7 El Paso theater. It also has a Great American Steak Burger restaurant.
Mimco bought the center April 6 from the Noddle Cos., an Omaha, Neb.-based commercial real estate development and management company.
No sale price was disclosed, but the center was listed for sale at $14.9 million by Marcus & Millichap, a California-based commercial real estate investment services firm.
The center was appraised by the El Paso Central Appraisal District for tax purposes at $7.9 million.
Mimco has been buying shopping centers in San Antonio, Austin, Dallas, McAllen and Brownsville in the past few years, but this is the company’s first El Paso purchase in three years, said Bob Ayoub, Mimco’s chief public relations officer.
“We are always looking to expand our presence in El Paso. But not much is for sale in El Paso” because Mimco, River Oaks Properties and the Malooly brothers own most of El Paso’s shopping centers and don’t sell them, Ayoub said.
River Oaks, owned by Gerald Rubin, founder of El Paso consumers products company Helen of Troy, and Mimco, headed by Meyer Marcus, are El Paso’s largest developers of strip shopping centers.
Noddle officials were not immediately available Monday for comment about the sale.
“The (Montwood Mall) center has always done well. It has good demographics in the neighborhood, and good traffic,” Ayoub said. A new Circle K convenience store and gas station is being built across the street from the center, he noted.
Most of the center is leased, with “only about 5,000 to 8,000 square feet available,” Ayoub said.
The center also includes an Ace Hardware store, a Family Dollar and a Fallas discount clothing store.
The center was built in 1955, and has had several renovations over the years, according to a Marcus & Millichap sales brochure.
The center years ago was a minimall, with a large part of the center enclosed from the supermarket building to the movie theater building, said Alfredo Aguayo, maintenance manager at the center, where he has worked for 39 years. The only remaining enclosed portion is where the seven-screen movie theater is located.
The Montwood 7 movies theater was bought several years ago by Premiere Cinemas, a Big Spring, Texas, movie theater chain, which also operates a theater in Bassett Place.
Vic Kolenc may be reached at 546-6421; vkolenc@elpasotimes.com; @vickolenc on Twitter.
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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.
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