Trademark Property Co. and Institutional Mall Investors has acquired Padre Staples Mall in Corpus Christi, Texas, from P. Small LP for more than $100 million. The new owners plan to invest $50 million to redevelop the 1-million-square-foot center.
Simon Property Group has added more high-end fashion retailers to its list of stores coming to the Ross Park Mall in Pittsburgh. Fashion designers such as Burberry, Louis Vuitton and Michael Kors will join Nordstrom in an effort to boost the mall's popularity.
California department-store chain Mervyn's could be forced to file for bankruptcy protection as soon as this month and shut down, company executives said. The struggling retailer is trying to get product shipments from vendors who have been scared off by the store's recent loss of financing.
Several health care real estate investment trusts should continue to perform at current levels over the next several years, predicts Wachovia analyst Christopher Haley. The analyst examined HCP, Nationwide Health Properties, Medical Properties Trust and Senior Housing Properties Trust.