A little more than seven months after taking over management and leasing of Perkins Rowe, officials with Fort Worth, Texas-based Trademark Property Co. say they’re aggressively marketing the 745,000-square-foot mixed-use development to a more diversified mix of potential retail tenants, and are continuing to make improvements to the property.
“I think this is the first time Perkins Rowe has been under solid ownership and management in its history,” says General Manager Branden Barker.
Among the new tenants the management team has landed is Altar’d State, a boutique previously located at the Mall of Louisiana. The Knoxville, Tennessee-based chain will open a 4,500-square-foot store in Perkins Rowe in the space previously occupied by White House Black Market, which closed in 2015. Construction began on the space today and is expected to be complete in May.
“Our leasing team has taken an aggressive approach to continuously add value to the retail mix on property,” he says. “Altar’d State’s signing aligns seamlessly with this initiative.”
With Altar’d State, Perkins Rowe’s retail space is now 87% leased. Barker says management is working to diversify the tenant mix, which is skewed toward young women’s fashion, and to also add more service-oriented tenants to the rear of the development, like NeuBody Cryotherapy Spa, which is scheduled to open there later this spring.
Filling vacant restaurant space is also a priority for management. Perkins Rowe has two vacant restaurant spaces, including the former Applebee’s location, which sits on an outparcel and has been vacant since last summer. Barker says negotiations with a new restaurant tenant are underway.
“We’ve had talks with several groups and are moving forward with one in particular,” he says. “Hopefully we’ll have something in about a month.”
Both Perkins Rowe’s office and multifamily buildings, which total 226 units, are doing well and averaging 99% occupancy, he says.
Trademark Property took over management and leasing of Perkins Rowe last summer from Stirling Properties after acquiring a minority ownership stake in the property. Since 2013, Perkins Rowe has been owned by a group of Texas real estate investors, who bought the once-troubled property from the Ohio bank that took it back from developer Tommy Spinosa after a four-year foreclosure battle.
—Stephanie Riegel
