Stirling Properties out as property manager of Perkins Rowe
Trademark, a 24-year-old real estate company based in Fort Worth, Texas, is taking over management of Perkins Rowe effective Aug. 1.
Trademark will replace Stirling Properties, the Covington business that has held the management contract of the 711,000-square-foot mixed-use development since January 2014, shortly after a group of Texas real estate investors acquired it in a foreclosure sale from its original lender, KeyBank National Association.
Stirling Properties Senior Vice President Donna Taylor says her firm was notified in mid-July that Trademark had acquired a minority interest in the development and would therefore be taking over day-to-day management and retail leasing. Stirling will remain involved in office leasing.
“They are a company that is a lot like ours, so it didn’t make any sense, since they have a minority share in the project, to have two firms doing the same thing,” she says.
Trademark bills itself as a value-add operator, investor and steward of high quality, diverse regional malls and mixed-use properties. Its portfolio numbers more than 15 properties, mainly in the Southwest, and includes Market Street in The Woodlands, Rice Village in Houston, Victory Park in Dallas and a high-end, mixed-use development under construction in Napa, California.
A spokesperson at Trademark confirms the company’s involvement with Perkins Rowe, but company executives decline to comment.
Losing Perkins Rowe is a blow to Sterling, but Taylor says the firm is proud of what it accomplished during its tenure managing the development. Under Sterling’s watch, the parking garage and an unfinished section of multifamily units in the rear of the development were completed. Average occupancy in the multifamily and retail sectors of the development averages around 90%, while office occupancy is approaching 100%, Taylor says.
“We’re proud of what we did there,” she says. “When we came in it was a bed of thorns. Now, it’s a bed of roses.”
Perkins Rowe was developed in the mid-2000s by developer Tommy Spinosa, who lost the property in 2013 after a nearly five-year foreclosure battle. The current owners, TGP Capital, acquired it from KeyBank in late 2013. In mid-2015, the group solicited bids for the property but did not accept any of the offers, the highest of which approached $150 million, according to sources familiar with the bidding.