Trademark Joint Venture, Owner of La Palmera Mall, Buys Shops Across the Street

Corpus Christi, Texas — Two older centers will be rebranded and renovated.

Corpus Christi, Texas  — Trademark Property has purchased two retail centers across the street from La Palmera Mall in Corpus Christi, Texas. The acquisition was a joint venture purchase with Institutional Mall Investors (IMI), the same parties that purchased the mall in 2008.

The first center is the 15.53-acre Staples Center built in the 1980s, and the 3.81-acre Mt. Vernon Center built in the 1940s. Both centers will undergo redesign, renovation and rebranding, which will begin late in 2012 and will be completed in 2013.

The redeveloped center will be called The Shops at La Palmera and will total approximately 200,000 square feet. The seller of the Staples Center was Smith-Joslin Partnership, according to news reports.

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