Business Description
2013 promises to be a year of growth and revitalization as The Shops at La Palmera come to life! Stay tuned for new stores and a new look.
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.
Address & Contact
- Street:
- 4938 South Staples Street
- Postcode:
- 78411
- City:
- Corpus Christi
- State:
- Texas
- Zip:
- 78411
- Phone:
- 361.991.3755
- Website:
- http://www.theshopsatlapalmera.com
- Category:
- Shopping Retail
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