For additional information, contact:
Wes Davis (817) 810-5311
TRADEMARK PROPERTY PURCHASES ADDITIONAL RETAIL CENTERS
Retail property located across from company’s La Palmera mall
FORT WORTH, Texas (April 11, 2012) – Trademark Property today announced the purchase of two retail centers located directly across from La Palmera mall in Corpus Christi, Texas.
The 15.53-acre Staples Center, built in the 1980s, and the 3.81-acre Mt. Vernon Center, built in the 1940s, will undergo rebranding along with a major redesign and renovation, scheduled to begin late 2012 with completion slated for 2013. The redeveloped center, to be named The Shops at La Palmera, will total approximately 200,000 square feet.
Trademark’s joint venture partner on the acquisition is Institutional Mall Investors LLC (IMI). IMI and Trademark together acquired La Palmera in 2008.
“Because of the great success we have had with La Palmera, there is an increased demand from national retailers in Corpus Christi,” said Trademark Chairman-CEO Terry Montesi. “The redesign and renovation of this property will allow us to better accommodate those wanting a presence in this market and will also greatly enhance the area and strengthen La Palmera as a major, regional shopping destination.”
The new design of the property will complement the design of La Palmera, which underwent a two-year $50 million renovation after Trademark and IMI purchased the property in 2008. Details are forthcoming for the redesign, which will incorporate sustainable building practices. Trademark will lease and manage the new center.
Trademark continues to grow its investment capacity, recently hiring a new Senior Vice President of Investments, John Carl.
“We are seeing disposition activity increase and are poised to be increasingly active in acquiring malls, lifestyle and mixed-use centers nationally, and specialty and community centers regionally,” said Montesi.
Trademark Property Company is an operator, investor and developer of enclosed regional malls, mixed-use town centers, and specialty, community and power centers. Trademark partners with commercial real estate owners, investors and retailers to unlock the full potential of their investments. Since 1991, Trademark has invested in or developed over 10 million square feet of retail and mixed-use assets worth over $1 billion. Based in Fort Worth, Texas, Trademark’s experienced team currently operates more than five million square feet. For more information, visit www.trademarkproperty.com.
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 twenty-two (22) different projects encompassing over 18 million square feet. MCA serves as the investment manager to IMI.
Located in Corpus Christi, Texas, La Palmera is a 1-million square foot super-regional mall with more than 100 retail and restaurant tenants including Dillard’s, JCPenney, Macy’s, P.F. Chang’s and Coach. Acquired in July 2008 by IMI and Trademark Property, La Palmera is the first mall to be awarded LEED® Silver for Core and Shell 2.0 established by the U.S. Green Building Council (USGBC). Following a $50 million renovation, the mall features a new outdoor main entrance, 600-seat food court with a 4,500-gallon feature aquarium and a children’s ocean-themed play area. For more information on La Palmera, go to lapalmera.com or call (361) 991-5718.