Department store retailer Dillard’s and mixed-use real estate developer Trademark Property Co., have purchased the 646,000-square-foot Longview Mall in Longview, Texas, where Dillard’s is an anchor store, marking the first time the two companies have teamed up for a retail acquisition. The new owners plan to invest in upgrading the shopping center, which is the only enclosed mall within a 45-mile radius and which welcomes 3.7 million visitors annually. No financial terms of the acquisition from previous owner WPG were disclosed.
“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 in a statement. “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.”
The mall, located in the heart of the East Texas city, sports a tenant roster that includes Dick’s Sporting Goods, JCPenney, HomeGoods, Foot Locker, H&M, HomeGoods, Bath & Body Works, Kay Jewelers and Auntie Anne’s.
“Longview is a strong market for Dillard’s and we look forward to building on our successful, long-term relationship with the Trademark team,” said William T. Dillard, CEO of Dillard’s in a statement.
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Trademark’s first redevelopment of a mall anchored by a Dillard’s store was La Palmera, a one million-square-foot shopping and dining center in Corpus Christi, Texas. From 2008 to 2010, Trademark transformed the property into one of the top-performing tertiary market malls nationwide.
