Trademark Property announced today that two retail centers located across from La Palmera mall in Corpus Christi, Texas are currently under contract.The two conjoined properties, the 15.53-acre Staples Center and the 3.81-acre Mt. Vernon Center, will undergo a redesign and major renovation scheduled to begin early 2012.
The Joint Venture Partner on the La Palmera project is Institutional Mall Investors, LLC (IMI), an institutional investment entity jointly owned by the California Public Employee’s Retirement System (CalPERS) and an affiliate of Miller Capital Advisory (MCA).The new design will complement La Palmera, which underwent a two-year $50 million renovation after Trademark and IMI purchased the property in 2008. Details of the redesign will be forth coming; Trademark will pursue LEED certification for the facility from the U.S. Green Building Council.
La Palmera’s management team will manage the new center.