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CORPUS CHRISTI, TEXAS — Fort Worth, Texas-based Trademark Property has acquired the approximately 1 million-square-foot Padre Staples Mall located in Corpus Christi, and will undertake a $50 million renovation of the property. The name of the mall will be changed to La Palmera. Renovations include a transformation of the main entrance into an outdoor lifestyle court with lush palm seating areas and new entrances to the stores. Indoor landscaping will be installed, and the food court will be given an aquatic theme, which includes a large aquarium. A children’s play area also will be built. The project will be applying for LEED certification from the U.S. Green Building Council. Trademark’s joint venture partner in the mall renovation is Institutional Mall Investors, an institutional investment entity jointly owned by the California Public Employee’s Retirement System and an affiliate of Skokie, Ill.-based Miller Capital Advisory. Completion is scheduled for fall 2009.

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