Mall owners and investors looking to remake their properties into mixed-use community centers can now seek the aid of a developer that’s made such renovations its stock-in-trade.
Fort Worth-based Trademark Property Company, which is currently involved in such a transformation of Georgia’s North Point Mall, has launched a mall advisory business that seeks to help retail real estate owners evaluate the market potential of regional malls, as well as large outdoor retail and mixed-use assets.
Leading the business will be Sunny Patel, formerly senior VP of institutional services and investments at Pacific Retail, which has performed community-based transformations of several malls and open-air centers such as Southlake Mall in Indiana and The Shops at South Town in Utah.
“With Sunny on board, we are now formalizing this service to meet the great demand for well-thought-out, executable, research-driven plans that mitigate risk and respond to changing consumer preferences over time,” said Trademark CEO Terry Montesi. “This is an exciting time in the retail world, with dozens of well-located regional malls ready for their next act.”
Trademark’s new unit will assist clients in studying the market position and long-term viability of their assets and suggest re-merchandising and densification strategies to help malls to become more relevant in their trade areas. Asset management, marketing, activation, and concierge services will also be offered.
“Trademark has one of the strongest reputations in the industry as a value-add operating and development partner for large, complex retail assets,” said Patel. “We will work to craft creative, actionable plans to remerchandise, increase market penetration, and densify properties with alternative uses.”
Trademark redeveloped and remerchandised its first enclosed mall with an institutional investment partner in 2008. In 2021, Chain Store Age honored the company’s repositioning and remarketing of Galleria Dallas, naming it to its Top Retail Center Experiences of the Year list.
Other Trademark-managed properties include Waterside and Alliance Town Center in Fort Worth; Zona Rosa in Kansas City; Bridgewater Commons in New Jersey, and Perkins Rowe in Baton Rouge.Continue Reading