Passco Companies recently celebrated its 25th anniversary. To commemorate the occasion, the Passco team traveled from their Irvine headquarters to the site of a landmark real estate transaction that put them on the map: a 1031 exchange acquisition of Puente Hills Mall in City of Industry. Valued at $148 million, this 2003 deal was – at that time -the largest 1031 transaction ever and two years later it was traded for $170 million.
The shopping center had already made history even before it figured in this significant deal; It stood in for Twin Pines Mall – fictional setting featured in 1985 hit movie Back to The Future starring Michael J Fox and Christopher Lloyd – marking spot where Marty McFly and Doc Brown began their trip back into time with Delorean sports car.
When celebrants arrived by bus instead, they were greeted by replica of Doc Brown’s time machine! Afterward they proceeded into mall where “Twin Pines Mall” signage from movie is still displayed as reminder of iconic scene filmed there decades ago. Group then presented property manager Ken Mason with lifetime achievement award since he managed asset when Passco purchased it back 2003 .
Since Puente Hills Mall purchase marked beginning for Passco , company has built name throughout industry managing over $3 billion worth assets across 15 states primarily multifamily including Pearce Pavilion Riverview FL (pictured). Video below provides recap 25th anniversary celebration .
