Fort Worth, Texas — Rice Management Co. has selected Trademark Property Co. to oversee asset and property management, leasing and repositioning of the village Arcade in the historic Rice Village district of Houston, Texas.
The selection comes after Rice University exercised an option to acquire the leasehold interest in the two-level 195,000-sq.-ft. open-air retail center from the current owner, Weingarten. Closing is set for the third quarter of this year.
Located west of Rice University, the Village Arcade is the largest retail property in Rice Village. It features 50 stores and restaurants, including Ann Taylor, Ann Taylor Loft, Athleta, Banana Republic, Chico’s, Gap, Kendra Scott, MAC, Sephora, Soma, Starbucks, Victoria’s Secret and White House|Black Market.
Trademark and Rice plan to improve the shopping experience throughout the property and Rice Village via enhanced streetscape, landscaping, storefronts and facades that will set the stage for the modern evolution of the mixed-use property, which dates back to the 1930s.