CORPUS CHRISTI, TX-Less than four years after acquiring and renovating the 20-acre Padre Staples Mall (now dubbed La Palmera Mall), Trademark Property Co. has added two nearby retail assets to its South Texas commercial real estate holdings. The two retail properties in question are the 15.5-acre Staples Center and the 3.81-acre Mount Vernon Center, both of which are across the street from La Palmera.

Fort Worth-based Trademark's partner in the two-asset buy is Institutional Mall Investors LLC, which also teamed with Trademark in 2008 to acquire La Palmera.  According to Trademark chairman and CEO Terry Montesi, the $10 million-$15 million renovation price tag will include demolishing the 1940s-built Mount Vernon Center and putting a new building on the site, and upgrading  the 1980s-built Staples Center at 4938 S. Staples St.

Montesi tells GlobeSt.com that the motivation for buying both retail centers was demand from retailers interested in La Palmera. "We've had a lot of demand from retailers that are currently in the mall (La Palmera), and some that aren't in the trade area," Montesi explains. "We think that, based on the success of La Palmera, we can lease this up, and by leasing it up, we can improve the whole area and make it into a real destination." Montesi goes on to say that construction on Staples and Mount Vernon Centers should begin within the next six to 12 months, and it will take an additional six to 12 months to complete everything.

As for La Palmera Mall, following the $50 million upgrade investment in that project, Montesi says there are no plans to sell it right now. "Since we bought it, sales are up more than 50%," he says, adding that Trademark plans no more investments in Corpus Christi at this time. "We feel we have two of the best real estate sites in the trade area," he adds.