Trademark Property's president Terry Montesi tells GlobeSt.comthat the deal will close in the fall. Padre Staples Mall issituated on close to 60 acres at 5488 S. Padre Island Dr. Theanchors are Dillard's Inc., J.C. Penney Co. Inc. and Macy'sInc.
Also on Trademark Property's radar screen is possibly acquiringthe Staples Center, a retail asset across the street from PadreStaples Mall at South Padre Island and Staples drives and twoadditional nearby land parcels. The completed assembly will beclose to 100 acres.
"There's a massive retail concentration there. And as we werelooking around, we were thinking there was a need for betterretail," Montesi says. "We saw opportunity with this particularreal estate to add some uses, upgrade it, and have it be the verybest piece of real estate in the trade area."
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