Monthly Archives: September 2016

Trademark Property Co. to Develop 82-acre Mixed-Use Town Center Project in Katy, TX

Media Contact:
Maggie Holley, mholley@sunwestpr.com; 214-373-1601

KATY, Texas (Sept. 29, 2016) – Trademark Property Co. has entered into an agreement with Westside Ventures to develop an 82-acre mixed-use town center at the northwest corner of I-10 and Mason Road in Katy, Texas. Planning will continue in the coming months for the initial 60-acre phase, which will include retail, restaurant, residential, hotel and office space.

“This particular piece of land is one that we feel is ideally suited for mixed-use,” said John McCormack, CEO, Westside Ventures. “Trademark’s expertise in developing world-class, mixed-use town centers, like Market Street Woodlands, make them a perfect partner to develop this property into its full potential.”

The site, which is part of a larger 107-acre tract owned by Westside Ventures, will be developed in phases over the coming years. Phasing and a construction timeline will be scheduled following planning.

“We believe this site is the next great opportunity in the country to develop a premier regional, mixed-use town center,” said Terry Montesi, CEO, Trademark Property Co. “There is a tremendous retail void in West Houston. Combined with the compelling housing, population and income demographics, and the site’s adjacency to I-10 and Grand Parkway and the Energy Corridor, this represents a long term opportunity for Trademark to cultivate a next-generation, best-in-class environment for the West Houston and Katy communities.”

Trademark has been active in Houston since 2002, developing both Royal Oaks Village and Market Street Woodlands, the 570,000-square-foot mixed-use development in The Woodlands Town Center.  Currently, Trademark is redeveloping, leasing and operating Rice University’s holdings in Rice Village, as well as continuing to operate Market Street Woodlands.

 

About Trademark Property Co.

Trademark Property Co. is an operator, investor and developer of award-winning, mixed-use town centers, specialty, community, power centers and enclosed regional malls. Since 1991, the Fort Worth, Texas-based Trademark has invested in, or developed over 11.5 million square feet of retail and mixed-use assets worth over $2 billion. Trademark’s experienced team of 120 employees is responsible for approximately 6.8 million square feet of retail and mixed-use projects currently in operation or development/redevelopment, including: Alliance Town Center (Fort Worth, Texas), Burr Ridge Village Center (Chicago, Ill.), Glades Plaza (Boca Raton, Fla.), Hillside Village (Cedar Hill, Texas), La Palmera (Corpus Christi, Texas), Market Street Flowood (Flowood, Miss.), Market Street – The Woodlands (The Woodlands, Texas), First Street Napa (Napa, Calif.), Perkins Rowe (Baton Rouge, La.), Rice Village (Houston, Texas), Saddle Creek (Germantown, Tenn.), The Shops at La Palmera (Corpus Christi, Texas), Victory Park (Dallas, Texas), Watters Creek (Allen, Texas), Waterside (Fort Worth, Texas), and WestBend (Fort Worth, Texas). For more information, visit www.trademarkproperty.com or interact on Facebook, Twitter and Instagram.

Memphis drawing more out-of-town retailers

The Daily News
Written by: Madeline Faber

Second- and third-tier retail markets are seeing a resurgence nationally, and Memphis’ own economic recovery is garnering attention from out-of-town retailers.

Among the higher-end retailers preparing for their first local store are Ikea, which is set to open in the next few months, and Trader Joe’s and Nordstrom Rack, both of which are in their early stages and are expected to open by the end of 2017.

They speak to what Brian Whaley, a senior associate with CBRE, sees as a recent trend.

“I’d say the last two to three years there’s been an uptick in the new-to-market guys compared to even five years ago,” he said.

Trademark Property Co., the operating entity for The Shops of Saddle Creek in Germantown, said that the past two years have brought about increased out-of-town interest. Since Trademark announced the major redevelopment and expansion of the shopping center in 2014, it has brought on 18 new tenants. Twelve of those tenants, totaling 36,461 square feet, are new to the Memphis market.

The most recent tenant announcement came on Sept. 6, when Trademark reported men’s footwear and accessories manufacturer Allen Edmonds, home interiors store Southern Avenue Co., and lingerie and beauty retailer Victoria’s Secret would all open stores in Saddle Creek. Both Allen Edmonds and Southern Avenue are expected to open late this year, while Victoria’s Secret will open in early 2017.

“Oftentimes Memphis is not necessarily the first store for national best-in-class retailers,” said Terry Montesi, CEO of Fort Worth, Texas-based Trademark, which owns and operates 16 shopping centers across the country. “When they get to second-tier primary markets they’re really looking for market-dominant destination retail locations, and so part of our goal is to have as many best-in-class retailers in one place,” he said.

That means that new-to-market retailers like Allen Edmonds, Lily Rain and Southern Avenue Co. have found a home in Saddle Creek near other established stores like Anthopologie, Soft Surroundings and Apple.

Montesi said that while Victoria’s Secret and Sephora are not new to the Memphis market, their location in the Saddle Creek shopping center will be a huge draw to attract more best-in-class tenants.

Many of the new-to-market tenants are drawn to Saddle Creek because they have an existing location at another Trademark property, Montesi said. The center’s high traffic counts, recent renovation and the average Germantown income level are all positive selling points that make it a destination for best-in-class retailers.

Shawn Massey, a partner at The Shopping Center Group’s Memphis office, said that most retailers are not pioneers, so they want to locate in areas near similar tenants. He said that a stable shopping center combines national and regional chains with local tenants. While new-to-market retailers can be more difficult to secure at first, that challenge decreases once a cluster of tenants is secured.

“I think you need a mixture of both new-to-market tenants to create a unique shopping experience for a particular center or project while at the same time bringing in the best-of-market tenants in the market to bring stability and comfort,” he said.

Whaley sees Memphis’ growth in out-of-town retailers as a reflection of national trends. Many retailers are public companies who need to expand to boost stock, and Memphis’ low barrier of entry can provide that opportunity.

“Obviously these public investors are wanting the stores to open more and more locations each year, and as retail is ever changing and footprints are shrinking as ecommerce becomes bigger, it gets harder for them to open up in larger markets because there’s not a lot of vacancy and the rents are just so high compared to Memphis,” Whaley said.

Memphis’ economy has improved post-recession, but that growth has been slower compared to the rest of the nation, so local rents are still low.

According to second-quarter data from CBRE, Memphis’ retail market is seeing a 12.2 percent vacancy with average rates around $8.44 per square foot. Nearly 550,000 square feet of retail space is currently under construction.

Whaley said that Memphis’ redevelopment of its suburban centers also is contributing to an increase from outside the market. Areas like Olive Branch and the Poplar Avenue corridor are known for strong traffic counts and tight vacancies. Out-of-town investors, like real estate investment trust Seritage Growth Properties, look to redevelop these existing retail centers into more profitable and relevant offerings. To that end, Seritage has demolished the 50-year-old Sears at the corner of Poplar and Perkins and plans a 230,000-square-foot retail center to be anchored by Nordstrom Rack.

“I think an average store here could be more profitable for a retailer than a really nice store in a place where they pay astronomical rents,” Whaley said.

Click Here for Original Article

Three new retailers headed to Germantown

Memphis Business Journal
Written By: Meagan Nichols

A trio of new tenants were just revealed for Saddle Creek.

Trademark Property Co. — operating partner for Saddle Creek — announced Allen Edmonds, Southern Avenue Company and Victoria’s Secret signed leases at the 173,000-square-foot Germantown shopping center.

“We feel that tenants like Allen Edmonds, Southern Avenue Company and Victoria’s Secret are really going to further Saddle Creek’s position as the market dominant specialty retail location in the area,” said Terry Montesi, CEO of Trademark Property Co., in a release.

Allen Edmonds, a men’s footwear and accessories store, leased a 1,483-square-foot bay in Saddle Creek South between Indigo and Brooks Brothers. The store should open in late 2016.

The Memphis Business Journal broke the news Aug. 22 that Southern Avenue Company would relocate from its current Germantown location at 7582 Southern Ave. to a 2,000-square-foot space in Saddle Creek South near Lily Rain. Southern Avenue Company, which sells home décor and gift items, is also expected to open in late 2016.

Victoria’s Secret signed a lease for more than 8,000 square feet of space in Saddle Creek North adjacent to Soft Surroundings. The store is projected to open in early 2017.

Saddle Creek opened in 1987 and recently underwent a massive expansion and remodel. Trademark Property has managed and leased the center since May 2011.

Click Here for Original Article

Trademark Property Co. welcomes three new tenants to Saddle Creek

Media Contact:
Heather Danielson: 901.753.4293

Allen Edmonds, Southern Avenue Company and Victoria’s Secret to Open

GERMANTOWN, Tenn. (September 6, 2016) – Trademark Property Co., the operating partner for Saddle Creek, has announced that Allen Edmonds, Southern Avenue Company and Victoria’s Secret are joining the center.

Allen Edmonds will open a 1,483-square-foot store in late 2016. The store will be located in Saddle Creek South between Indigo and Brooks Brothers. Allen Edmonds is a U.S. based manufacturer of premium men’s footwear and accessories. Their shoes are handcrafted with only premium leathers via a 212-step process. The store will also carry belts, leather briefcases and bags, and versatile clothing.

Southern Avenue Company will also open a 2,000-square-foot store in late 2016. The store will be located in Saddle Creek South next to Lily Rain. Southern Avenue Company is a home interiors store with unique home accessories, stunning light fixtures, and local artist finds. They also feature a large selection of gift items as well as a bridal registry.

Victoria’s Secret will open an 8,060-square-foot store in early 2017. The store will be located in Saddle Creek North next to Soft Surroundings.

Victoria’s Secret is the leading specialty retailer of lingerie and beauty products with modern fashion-inspired collections and prestige fragrances, celebrated Supermodels and world-famous runway shows. The store will carry an assortment of intimate apparel, beauty products, swimwear, sleepwear, hosiery, and more.

“Saddle Creek is an extraordinary property, and we’re so pleased to add these three tenants to the growing list of best in class tenants that have chosen Saddle Creek as their primary location in the Memphis metropolitan area,” said Terry Montesi, CEO, Trademark Property Co. “We feel that tenants like Allen Edmonds, Southern Avenue Company and Victoria’s Secret are really going to further Saddle Creek’s position as the market dominant specialty retail location in the area.”

American Threads, Sephora and Vom Fass are also set to open at Saddle Creek later this year.

Since announcing the major redevelopment and expansion of Saddle Creek in mid-2014, Trademark Property Co. has added 18 new tenants to the shopping center, representing 59,717-square-feet. 12 of those tenants, or 36,461-square-feet, are new to the market.

About Saddle Creek

Saddle Creek is a recently expanded and renovated 173,000-square-foot outdoor lifestyle center located in Germantown, Tennessee, the Memphis metropolitan area’s most affluent suburb. Considered to be the first lifestyle center in the U.S. since opening in 1987, Saddle Creek is home to a collection of more than 40 fashion and specialty retailers in the Memphis and Mid-South trade area, including Anthropologie, Apple, Banana Republic, Brooks Brothers, Free People, Grimaldi’s Pizzeria, J. Crew, Madewell, Michael Kors and Stoney River Steakhouse and Grill. Trademark Property Co. has been responsible for managing and leasing the property since May 2011. For more information, visit shopsofsaddlecreek.com or interact with them on Facebook, Instagram and Twitter.

About Trademark Property Co.

Trademark Property Co. is an operator, investor and developer of award-winning, mixed-use town centers, specialty, community, power centers and enclosed regional malls. Since 1991, the Fort Worth, Texas-based Trademark has invested in, or developed over 11.5 million square feet of retail and mixed-use assets worth over $2 billion. Trademark’s experienced team of 120 employees is responsible for approximately 6.8 million square feet of retail and mixed-use projects currently in operation or development/redevelopment, including: Alliance Town Center (Fort Worth, Texas), Burr Ridge Village Center (Chicago, Ill.), Glades Plaza (Boca Raton, Fla.), Hillside Village (Cedar Hill, Texas), La Palmera (Corpus Christi, Texas), Market Street Flowood (Flowood, Miss.), Market Street – The Woodlands (The Woodlands, Texas), First Street Napa (Napa, Calif.), Perkins Rowe (Baton Rouge, La.), Rice Village (Houston, Texas), Saddle Creek (Germantown, Tenn.), The Shops at La Palmera (Corpus Christi, Texas), Victory Park (Dallas, Texas), Watters Creek (Allen, Texas), Waterside (Fort Worth, Texas), and WestBend (Fort Worth, Texas). For more information, visit www.trademarkproperty.com or interact on FacebookTwitter and Instagram.

###