Trademark Property Co. said it plans to give Perkins Rowe a “freshening up” after it acquired a stake in the mixed-use development and took over some of the leasing and management services.
Terry Montesi, chief executive officer of the Fort Worth,Texas, company, said there will be “significant moves” at Perkins Rowe, but it probably won’t be until 2017 that shoppers begin to notice changes.
“Retail developments really need to evolve constantly to stay relevant,” Montesi said. “Starting in the next few months, when shoppers go to Perkins Rowe we hope they’ll notice a little something different each time.”
While Trademark hasn’t done a “deep dive” in Perkins Rowe since taking over retail management, retail leasing and office management, Montesi said the work will involve things such as making changes to the public spaces and sidewalks at Perkins Rowe, along with putting in new graphics and branding.
“It’s a very high quality, well-designed property,” he said, “but a lot could evolve to give it a fresher, more contemporary feel.”
Trademark has a portfolio of 16 retail, lifestyle and mixed-use centers across the U.S., totaling more than 6.8 million square feet of property in operations or development/redevelopment.
Trademark has acquired a significant stake in Perkins Rowe. Montesi wouldn’t give an exact figure, but said the company owns more than 10 percent. With Trademark coming in as a new investor and operating partner, owner TPG Capitol has dropped plans to sell Perkins Rowe. In May 2015, TPG put the center on the market.
Perkins Rowe, which opened in 2007, has 375,000 square feet of retail space, with tenants such as Barnes & Noble, Cinemark, Starbucks and The Fresh Market; 135,000 square feet of office space; and more than 225 apartments and condominium units.
Maggie Holley, a spokeswoman for Trademark, said the retail space is about 85 percent occupied, office space 99 percent occupied and multifamily units 90 percent occupied.
Montesi said the occupancy at Perkins Rowe is “pretty stable.” One high-profile retail vacancy exists: the former Applebee’s location on Bluebonnet Boulevard that closed in June. Finding the right tenant for that space is critical, Montesi said.
“We’re not just looking for income, we want a destination tenant to help evolve the brand and create a bigger draw to Perkins Rowe,” he said. Improving the food and beverage offerings at the development is something Trademark will pay attention to because of the food scene in south Louisiana.
Stirling Properties had handled leasing, sales, property and construction management at Perkins Rowe since January 2014. Covington-based Stirling will remain involved in office leasing, while BH Management of Des Moines, Iowa, will handle residential leasing and management. BH has 11 apartment complexes in Louisiana, including Bristol Place and Tiger Manor in Baton Rouge.