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Nearly $100M Ends Run For Market Street's JV

THE WOODLANDS, TX-Trademark Property, with new equity backing, buys out Kimco Developers. Trademark's upside is full control of the 560,000-sf mixed-use prize.

By Connie Gore | Updated on July 01, 2008

THE WOODLANDS, TX-Trademark Property Co., with equity backing from private and institutional sources, now owns 100% of the 560,000-sf Market Street Woodlands, buying out its partner from Day One–Kimco Developers Inc. The direct deal is valued at close to $100 million.

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.

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