Trademark acquires retail property across from company’s La Palmera

Fort Worth, Texas -- Trademark Property said Wednesday it has purchased two retail centers located directly across from La Palmera mall in Corpus Christi, Texas.



The 15.5-acre Staples Center, built in the 1980s, and the 3.8-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 sq. ft.



Trademark’s joint venture partner on the acquisition is Institutional Mall Investors. The pair 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. Trademark will lease and manage the new center.