FORT WORTH—Rice Management Co. and Fort Worth-based Trademark Property Co. have acquired a three-building, 193,000-square-foot retail property called the Village Arcade in Houston's Rice Village. Trademark and Rice plan to revitalize the property by changing its tenant mix, façade and site amenities.

“There is clearly great pent-up demand among leading national and international brands and special local merchants who have wanted to open stores in the Village for years, but for one reason or another, couldn't,” said Tommy Miller, managing director, Trademark. “This is a very special and uniquely eclectic urban place unlike any other in Houston. We have a great opportunity to bring in the best-of-the-best retailers and restaurants…and we intend to be very selective.”

Located west of Rice University, the buildings feature some 50 stores and restaurants, among them, Ann Taylor, Athleta, Kendra Scott, Sephora and Victoria's Secret.