closed the off-marketdeal

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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."

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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.

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The Trademark team unveiled its plans at a press conferenceyesterday in the mall's center court, with local officials inattendance and the news embargoed until it was over. Also unveiledwas the mall's new name, La Palmera.

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The 75%-leased retail center is situated on about 20 acres. Itsroster is mainly national tenants, including Abercrombie &Fitch, American Eagle Outfitters, Buckle, Dillard's, Express,Forever 21, Gap, Macy's, Nine West, New York & Co. andVictoria's Secret.

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Montesi says there is no immediate lease roll at La Palmera. LesGarrett with Trademark is overseeing leasing. Fred Walters, alsowith Trademark, will be the mall's general manager.

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