Herzog sells Crossroads Mall
Trio of investment firms buys FD shopping center
Crossroads Mall in Fort Dodge has been purchased by a trio of New York real estate investment firms in a deal announced Friday.
Namdar Realty Group, Mason Asset Management and CH Capital, all of Great Neck, New York, bought the mall from J. Herzog & Sons, of Denver, Colorado.
The purchase price was not announced.
The assessed value of the mall is $7 million, according to online records of the Webster County assessor’s office.
The transaction does not include the former Sears building on the south side of the mall. Although it is attached to the mall, that building is a separate property owned by Blessing Enterprises LLC, of St. Charles, Missouri.
“We are looking forward to revitalizing Crossroads Mall and surrounding areas,” Elliot Nassim, the president of Mason Asset Management, said in a written statement.
In conjunction with the purchase, Melissa Verschoor, who was the mall’s marketing director for about five years, has been promoted to general manager. She replaces Larry Jessen, who had been the mall’s manager for about 37 years.
“We are excited to be working with Namdar and what they have to offer the community,” Verschoor said. “They bring new fresh ideas to the center.”
Fort Dodge Mayor Matt Bemrich said Friday evening that he’s “excited to hear terms like revitalizing.”
“I’m looking forward to meeting with them in the next couple of weeks to learn about their plans and how the city could help facilitate new opportunities for Crossroads Mall and adjacent properties,” he said.
Bemrich said he believes a failed plan to tear down the former Sears store and replace it with a new shopping center, as proposed by Hutton Growth LLC. of Chattanooga, Tennessee, was a lost opportunity for the city. He said he hopes the new mall owners will “work diligently” to bring new stores in.
The Crossroads Mall recently lost some high profile tenants when JC Penney, Book World and Maurices closed. It now has 37 tenants.