Trademark JV acquires Watters Creek
Fort Worth, Texas — Trademark Property Group announced that together with Coventry Real Estate Advisors, Southern Land Co. and PCCP, it has recapitalized the Watters Creek at Montgomery Farm mixed-use project near Dallas in a joint-venture arrangement.
The Joint Venture acquired the note on the property from a multi-bank syndicate led by PNC Bank. PCCP provided the capital for the transaction from its opportunistic fund, PCCP Equity VI, L.P.
According to the group, the restructuring provides them time and flexibility to shore up the property, including implementing plans to execute more than 25,000 sq. ft. of new leases and a range of property improvements.
Watters Creek is a 706,000-sq.-ft. project composed of 100,000 sq. ft. of office, 365,000 sq. ft. of retail and 233 multi-family apartments.
Trademark also announced new leases with Z Gallerie (8,500 sq. ft.), Texas Health Resources (6,000 sq. ft.), as well as over 10,000 sq. ft. of additional tenants to be announced shortly, with plans to aggressively seek other quality tenants.
Retail vet joins DJM Realty
Boston — DJM Realty announced that Josh Podell has joined the company as a specialty retail and outlet consultant.
Podell, who will continue to operate his own real estate consultancy Podell Real Estate Advisors, counts among his retail experience a lengthy stint as VP real estate for Jones Retail Corp., a division of Jones Apparel Group.
Brixmor announces unveiling of Naples Plaza redevelopment
Naples, Fla. — New York City-based Brixmor Property Group has announced the Dec. 6 grand re-opening of its redevelopment of Naples Plaza, one of the oldest shopping centers in Naples, Fla.
The approximately 203,000-sq.-ft. shopping center has undergone a year-long redevelopment that included the relocation and expansion of a new 56,000-sq.-ft. Publix Super Market, the addition of a 13,610-sq.-ft. West Marine store, center-wide new façade, updated parking field, LED lighting upgrades, fresh landscaping, eco-friendly water quality treatments, new entrance signage, and an electric car charging station coming soon.
Additional new tenants include an expanded AT&T store, Bombay Bangles, Publix Liquor Store and Zoom Tan, joining existing tenants such as Marshalls, Mulligan’s Sports Grille and Office Depot