May 17, 2019
Franklin Mountain Investments, under the direction of billionaire Paul Foster, entered into a contract with Borderplex Realty Trust to acquire two of El Paso CBD’s largest buildings. Under contract are the 18-story One San Jacinto Plaza Building (formerly Chase Tower), and the 21-story Wells Fargo building. The properties being sold are part of Borderplex’s plan to liquidate all of its holdings.
The 351,270-square-foot One San Jacinto Plaza is at 201 E. Main St., while Wells Fargo Plaza, measuring 325,092 square feet, is at 221 N. Kansas St. Foster’s company also agreed to acquire 10 other downtown buildings and land parcels from the REIT, but specifics were not available.
Foster is no stranger to El Paso real estate. Earlier in 2019, he acquired the art-deco Kress building out of bankruptcy. He also restored the Anson Mills building at 201 E. Main, and is in the process of renovating the 19-story, landmark Plaza Hotel at 106 Mills Ave.
Pictured: Wells Fargo Building, San Jacinto Plaza, El Paso
For comments, questions or concerns, please contact Amy Sorter