Passco Companies recently celebrated its 25th anniversary. To commemorate the occasion, the Passco team traveled from their Irvine headquarters to the site of the transaction that put the company on the map: a 1031 exchange acquisition of the Puente Hills Mall in City of Industry.
The 2003 deal, involving Passco and 32 other investors, was the largest 1031 transaction to date, valued at $148 million. Two years later, Passco traded the 65-acre property for $170 million.
The shopping center was already a part of history even before it figured in a landmark real estate deal. It stood in for the fictional Twin Pines Mall in the hit 1985 movie Back to the Future, marking the spot where Marty McFly (Michael J. Fox) and Doc Brown (Christopher Lloyd) began their trip back in time in a Delorean.
The celebrants at the Passco anniversary arrived by bus rather than gull-winged sports car, but they were greeted by a replica of Doc Brown’s time machine when they arrived at the mall. The group then proceeded into the mall, where the “Twin Pines Mall” signage from the movie is displayed. They presented the property manager, Ken Mason, with a lifetime achievement award, since he was the manager in 2003 when Passco purchased the asset.
Since the Puente Hills Mall deal put Passco on the map, the company has built a name for itself throughout the industry. Currently it has $3.9 billion in assets under management and owns properties across 15 states, primarily multifamily. They include Pearce at Pavilion in Riverview, FL (pictured).
In the video below, you’ll get a recap of the 25th anniversary celebration.
Originally published by Connect Media. Photo courtesy of Lapporte Photography.
