Fort Worth-based Trademark and Kimco brought the 34-acre towncenter 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, tellsGlobeSt.com that the partnership buy-out fulfilled Kimco's goals ofa five- to seven-year investment while allowing Trademark to get anew capital partner for a plan to add higher end retailers to theroster. The new equity partners consist of Trademark employees,private investors and Institutional Mall Investors LLC, aninvestment vehicle of Sacramento-based CalPERS and an affiliate ofMiller Capital Advisory Inc. of Skokie, IL.

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Montesi says Kimco "offered us the ability to buy theirinterest," an offer that he promptly took to a select few. Steppingup immediately was his partner on Padre StapleMall at 5488 S. Padre Island Dr. in Corpus Christi. "It wasa quick deal. They said they needed to close in the secondquarter--and we did," he says, citing a six-week turn for closingthe book on the long-time partnership with the Los Angeles-basedKimco group.

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"Our plan is to hold it and operate it and continue to expandthe merchandise mix to redevelop and optimize the asset," Montesisays. In lay terms, Market Street is ready to move to next level ofspecialty retail to keep its edge in the submarket. "That area isbecoming so strong, even better tenants are looking at it," heexplains. "We believe there's a lot of upside."

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Market Street Woodlands sports 400,000 sf of retail, 100,000 sfof class A office space and coming soon is the AVIA boutiquehotel. Montesi says many shops are top revenue producersfor their chains. "In that trade area, there's a high certaintythat it will only get a lot better," Montesi says.

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