closed the off-marketdeal

Terry Montesi, founding partner of Fort Worth-based Trademark,says the company and its partner, a joint venture between theCalPERS and an affiliate of Miller Capital Advisory Inc. of Skokie,IL, were interested in adding more retail space to Corpus Christithrough ground-up construction because it is an underserved market.When Padre Staples Mall at 5488 South Padre Island Dr. was broughtto market by its local owners, P. Small LP, Montesi says "wedecided that the right situation was to redevelop the existing mallbecause it's so well located."

Montesi tells GlobeSt.com that renovations on the nearly40-year-old mall will begin within 45 days. Beginning immediatelywill be interior renovations, furnishings and graphics and thenupgrades will be done to the food court and children's play area."The final phase will be a renovation of the outdoor lifestylecourt," Montesi says. The upgrades are anticipated to be done infall 2009. The developer is also seeking LEED certification for thecenter.