The Woodlands Operating Co. once again is the seller, having sold the first 14 acres to the developer in March 2002. Work is under way on a 468,000-sf building for the mixed-use project, which also includes 92,000 sf of loft-style, class A office space and 368,000 sf of upscale retail and restaurant space. Ticketed to open in spring 2004, the town center is Trademark's largest undertaking in its 11-year-history.
The closing comes just one month after Trademark entered into a joint venture with Kimco Developers Inc. to finance 25% to 35% of the total project capitalization. For previous story, click here.
Trademark also has finalized a much talked-about lease for 26,000 sf with Borders Books & Music as well as a 78,000-sf lease with Texas grocer H-E-B for a store called the Woodlands Market. Additionally, Trademark is holding letters of intent for more than 75,000 sf of other retail space. The leases should be finalized in the next 60 days.
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