Sep. 9--A prominent North Texas retail developer is refocusing its business to adapt to an environment that's seeing little opportunity for more construction.

Fort Worth-based Trademark Property Co. said Wednesday that it is "further restructuring its business model and executive team" to concentrate on property investment instead of just building.

Since 1991, the independent firm has developed more than $1 billion in retail and mixed-use projects around the state, including the new Watters Creek retail, office and residential complex in Allen.

The Allen project is still being leased.

Trademark said it will shift away from developments with the creation of a new property investment division. And the company is launching a special fund to buy retail, mixed-use and other urban properties.

"Our Anchor Fund will provide pursuit and co-investment capital for $500 million to $600 million of acquisitions over the next two to three years," said Tommy Miller, who has been named Trademark's chief investment officer.

Miller will work with Bill Morris, who has been promoted to chief acquisition officer.

The investment fund is scheduled to begin closing deals early next year.

Trademark has also hired Daniel Upton as senior vice president of asset management. Upton was previously with mall developer General Growth Properties, where he oversaw the management of nine malls, including the Dallas Galleria.

In April, Trademark expanded its operations to include outside property management and advisory services.

The developer is finishing a $50 million renovation of the La Palmera mall in Corpus Christi. and leasing other retail developments in Houston, Fort Worth and in Mississippi.

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