Fort Worth-based Trademark and Kimco brought the 34-acre town center out of the ground with a 50-50% relationship formed in 2002. The mixed-used project at 9595 Six Pines Dr. now exceeds 95% occupancy. Terry Montesi, Trademark's founding partner, tells GlobeSt.com that the partnership buy-out fulfilled Kimco's goals of a five- to seven-year investment while allowing Trademark to get a new capital partner for a plan to add higher end retailers to the roster. The new equity partners consist of Trademark employees, private investors and Institutional Mall Investors LLC, an investment vehicle of Sacramento-based CalPERS and an affiliate of Miller Capital Advisory Inc. of Skokie, IL.
Montesi says Kimco "offered us the ability to buy their interest," an offer that he promptly took to a select few. Stepping up immediately was his partner on Padre Staple Mall at 5488 S. Padre Island Dr. in Corpus Christi. "It was a quick deal. They said they needed to close in the second quarter--and we did," he says, citing a six-week turn for closing the book on the long-time partnership with the Los Angeles-based Kimco group.
"Our plan is to hold it and operate it and continue to expand the merchandise mix to redevelop and optimize the asset," Montesi says. In lay terms, Market Street is ready to move to next level of specialty retail to keep its edge in the submarket. "That area is becoming so strong, even better tenants are looking at it," he explains. "We believe there's a lot of upside."
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