GlobeSt.com EXCLUSIVE: 1.3M-SF Retail Package Coming to Market

DALLAS-If market sources peg it right, Trademark Real Estate Development & Investments of Fort Worth will have walking around money north of $150 million for new projects. The firm is putting most of its retail portfolio–a nine-center, 1.3-million-sf package in three states–on the market.

Trademark’s plan is to harvest its gain and re-deploy the capital into other acquisitions and ground-up projects such as the 34-acre Market Street in the Woodlands, which has yet to break ground, Jim Batjer, senior director for Dallas-based Holliday Fenoglio Fowler LP, tells GlobeSt.com. According to Trademark, it has $100 million in equity tied up in 4.5 million sf of retail, office and industrial properties and 700 acres–assets valued at $500 million.

Batjer and director Adam Howells hold the listing for the nine retail centers that Trademark will be bringing to market later this week. Batjer believes the centers represent “one of the premier portfolios to come on the market in several years in this region of the country.” The plan right now is to go take offers for the next four to six weeks. There is no asking price and no offer deadline as of now. Four of nine properties come with assumable debt. “It is being offered as a portfolio,” he says, “and we would prefer to sell it as a portfolio, but we will entertain separate offers.”

Trademark started acquiring the centers in 1995, some of which are older versions that underwent rehabs after they were rolled into the portfolio. Six centers are grocery-anchored, two are community centers and one is a specialty property in the Las Colinas submarket, where canals and marble curbs are part of the everyday scenery.

Overall occupancy is 94%, with the Las Colinas asset trailing the pack at 73%. Batjer emphasizes there are deals in the pipeline to boost occupancy at the 104,812-sf Las Colinas Village. The North Texas properties also include the 150,529-sf Buckingham Place in Richardson, 187,146-sf Crossing in North Richland Hills and 197,539-sf Trinity Commons in Fort Worth.

In the Houston area, the “to go” list consists of the 78,650-sf Randall’s Bay Area in Webster, 104,558-sf Randall’s Fairmont in Pasadena and 143,374-sf Royal Oaks Village in Houston. The Jackson, MS asset is the 221,554-sf County Line Plaza and Shreveport, LA is the 96,669-sf Bayou Walk Village.