Trademark Property Company Purchases Padre Staples Mall

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Published on Thursday, 17 July 2008 09:51

Renovated Corpus Christi landmark to emerge as La Palmera

FORT WORTH, Texas (July 17, 2008) – Trademark Property today announced its purchase of the Padre Staples Mall in Corpus Christi, Texas. The Fort Worth-based company will immediately begin an estimated $50 million transformation and renovation of the 1,017,704-square-foot super-regional mall, which will now be known as La Palmera. The renovation is scheduled to be completed in fall 2009.

The Joint Venture Partner on the La Palmera project is Institutional Mall Investors LLC, an institutional investment entity jointly owned by the California Public Employee’s Retirement System (CalPERS) and an affiliate of Miller Capital Advisory (MCA).

“Padre Staples is a fixture in the Corpus Christi community,” said Trademark Property Founding Partner Terry Montesi. “We are pleased to have this opportunity to make our vision for the mall a reality; as La Palmera, it will become a leisure destination unparalleled in the region.”

“Miller Capital Advisory is very excited to be part of the mall redevelopment team,” said Andrew Miller, the firm’s CEO.  “We have big plans for the center, including a dramatic, modernizing renovation and significant upgrades to the tenant mix.  We are aiming high to improve our customers’ shopping and dining options.”

Today’s announcement ceremony, held in the center court area of the mall, included the unveiling of the new name and the introduction of Fred Walters as general manager for the property. Walters joins Trademark directly from Santana Row, located in San Jose, California, where he served as General Manager for the past 3 ½ years of one of the largest retail and mixed-use developments in the U.S. Walters brings 20 years of property management experience including management positions with companies such as Federal Realty Investment Trust, Venetian Resort-Hotel-Casino, Forest City Commercial Management and Mandalay Resort Group.

There are currently 100 tenants in the 1-million-square-foot mall including Abercrombie & Fitch, American Eagle, Buckle, Dillard’s, Express, Forever 21, Gap, Macy’s, Nine West, New York & Company and Victoria’s Secret.

"We are extremely pleased to work with Trademark and the city of Corpus Christi in the dramatic transformation of Padre Staples Mall, “ said Dillard’s Chairman and CEO Bill Dillard II. “We are confident that Trademark will deliver a premier shopping destination that will significantly change the retail landscape in South Texas."

Trademark has assembled a world-class team of consultants including interior designers, landscape designers, architects and place makers to accomplish the interior and exterior floor-to-ceiling renovation of the nearly 40-year-old facility. Plans call for transforming the main entrance into an outdoor lifestyle court with lush palm seating areas and other amenities including access to new shops and restaurants, installing indoor landscaping, giving the food court a new aquatic-theme complete with a large feature aquarium, building a new one-of-a-kind children’s play area and bringing in new restaurants. Other amenities will include soft seating, fountains, signage and graphics, landscaping and lighting upgrades throughout the property.

“The resort-inspired mall redesign called for a new name that reflects the design. Playing off our design and amenities that include outdoor seating under palm tree groupings, La Palmera, ‘a palm grove,’ is an authentic brand name for the new mall experience,” noted Montesi.

Trademark will pursue LEED (Leadership in Energy and Environmental Design) certification for the facility from the U.S. Green Building Council.

About Institutional Mall Investors LLC
Institutional Mall Investors LLC (“IMI”) is an institutional investment entity jointly owned by the California Public Employees’ Retirement System (“CalPERS”) and an affiliate of Miller Capital Advisory, Inc. (“MCA”). IMI acquires and manages investment in dominant, fashion-oriented retail real estate projects. IMI currently owns interests in nineteen different projects encompassing over 16 million square feet.

CalPERS is the nation’s largest public pension fund with assets totaling more than $248 billion as of April, 2008. The System provides retirement and health benefits to more than 1.5 million state and local public employees and their families. CalPERS’ net assets in real estate totaled approximately $22.1 billion as of April, 2008. Additional information about CalPERS is available online at www.calpers.com.

MCA serves as IMI’s manager. MCA is a registered Investment Advisor serving the pension fund real estate community. The firm specializes in retail property investments and provides associated asset management and acquisition services. Inquiries about IMI and MCA should be directed to Andrew Miller, President and CEO: JLIB_HTML_CLOAKING

About Trademark Property Company
Founded in 1991, Fort Worth-based Trademark Property Co. has developed or acquired over $1.3 billion worth of retail and mixed-use space. Trademark is currently the most active mixed-use developer in Texas and one of the premier mixed-use developers in the country having completed over seven million square feet of retail and mixed-use development/redevelopment projects. Trademark has significant expertise in structuring public/private partnerships, which has become an integral part of most mixed-use developments. For information, visit www.trademarkproperty.com.