Dillard’s teams up to buy a shopping mall
A shopping mall in eastern Texas has been purchased by one of its anchor tenants.
Department store retailer Dillard’s has partnered with mixed-use developer Trademark Property Co. to purchase Longview Mall in Longview, Texas, from Washington Prime Group (WPG). Trademark will lead operations and leasing for the 646,000-sq.-ft. property, where Dillard’s is an anchor tenant.
Longview Mall is the only enclosed regional mall within a 45-mile radius. It which welcomes 3.7 million visitors annually. The new owners plan to update the mall.
“The Dillard’s-Trademark team plans to modernize the property and upgrade mall operations with the goal of bringing a better shopping experience and roster of tenants to Longview Mall,” said Daniel Goldware, senior VP of leasing at Trademark. “We believe this community will support better retailers and more offerings from Dillard’s and deserves a higher-level regional shopping destination.”
In addition to Dillard’s, the tenant lineup at Longview Mall includes Dick’s Sporting Goods, JCPenney, HomeGoods, Bath & Body Works, Foot Locker, H&M, Kay Jewelers, Auntie Anne’s, Chick-fil-A and Chuck E. Cheese
“Longview Mall is a vital part of the region’s retail landscape, and we see strong potential to elevate both the customer experience and tenant roster,” said Terry Montesi, founder and CEO at Trademark. “Together with Dillard’s, we’ll bring capital to reinvest in the property and enhance its position as a community hub for shopping, dining, and entertainment. This unique partnership builds on our 25-plus year relationship with Dillard’s and Trademark’s portfolio of well-positioned assets in the sunbelt.”
Added Dillard’s CEO William T. Dillard, II: “Longview is a strong market for Dillard’s and we look forward to building on our successful, long-term relationship with the Trademark team.”
La Palmera, a one million-sq.-ft. indoor shopping and dining destination in Corpus Christi, Texas, was Trademark’s first redevelopment of a Dillard’s-anchored mall. From 2008 to 2010, Trademark successfully transformed the property, establishing it as one of the top-performing tertiary market malls nationwide.
Trademark has invested in, developed, or redeveloped 21 million sq. ft. of mixed-use, multi-family and retail assets worth $4.6 billion.
