FORT WORTH-Trademark Property Co. has taken on asset management and leasing responsibilities for two regional mall properties: Santa Fe Place in Santa Fe, N.M., and Westland Center in Westland, MI.
The local real estate firm also has an equity interest as operating partner in Santa Fe Place, according to Trademark Founding Partner Terry Montesi. He tells GlobeSt. that Trademark is acting on behalf of a private equity fund that acquired the notes on the malls and then took over the properties.
The malls were previously owned by a partnership comprised of Gregory Greenfield & Associates and Brown & Babcock. Jones Lang LaSalle handled the management and leasing of the centers.
Santa Fe Place is a 571,238-square-foot regional mall anchored by Dillard’s, J.C. Penney and Sears. Located at 4250 Cerrillos Rd., it is the only regional mall in northern New Mexico and supports a primary and secondary trade area of more than 380,000 people.
Built in 1985, Santa Fe Place received a multi-million dollar renovation, renaming and aggressive remerchandising campaign that transformed the former Villa Linda Mall into Santa Fe Place in 2005. It has a retail lineup that includes: Hollister, Gap, New York &
Company, Victoria’s Secret, Wet Seal, Boot Barn, Zumiez and rue21.
Trademark will direct remerchandising and redevelopment efforts at Santa Fe Place property. The company plans to engage with the Santa Fe community and retailers to understand what the market needs and to develop.
The new owner is committed to revitalizing the mall and has secured funds for the redevelopment, according to Trademark. Santa Fe Place is assessed at $2.1 million, according to the local appraisal district.
Trademark recently completed the transformation of another regional mall, La Palmera in Corpus Christi, Texas, for an institutional partner.
Westland Center is a 1.1 million-square-foot regional mall located between Ann Arbor, MI and the west side of the Detroit metro area. Located at 35000 West Warren Rd., the property is anchored by Macy’s, Kohl’s, Sears and J.C. Penney, which generate more than $131 million in annual sales.
The center averages 9.5 million visitors per year, according to Jones Lang LaSalle, and national tenants include: Forever 21, American Eagle Outfitters, PacSun, Hot Topic, Express, Charlotte Russe, A
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