Crossroad Center shopping complex off I-10 in Gulfport is sold for $38.5 million
Crossroads Shopping Center in Gulfport has a new owner.
Owner Retail Value Inc. sold the center on U.S. 49 to Stirling Properties and PMAT Companies in a $38.5 million cash deal.
The shopping center is home to Belk, Academy Sports, Barnes and Noble, Old Navy, T.J. Maxx and many other national franchise retailers. The center also includes Cracker Barrel, Longhorn Steakhouse and other restaurants.
Cinemark Movie Theater is also part of the shopping center.
The center is 92% occupied and contains several outparcels, including TGI Fridays, Chuck E. Cheese, Navy Federal Credit Union/Mattress Firm and Longhorn Steakhouse.
“Crossroads Center is the largest power center servicing the Gulfport region, and it benefits from a prominent location providing accessibility to thousands of people daily. Simply put, this is good dirt,” said Kevin Kush, president of PMAT.
Construction of the shopping center began in 1997 and the developers originally planned for the fashion mall to be adjacent to the proposed Royal Casino site.
Construction of the shopping center went ahead even after the state Supreme Court shot down the casino site. The original cost for the Crossroads was $70 million and the first stores opened in 1999.
Some of the local and national retailers closed, such as Albertson’s, Pier One and Service Merchandise, while others have continued to operate at the shopping center for decades.
In 2003, Developers Diversified Realty entered into an agreement to purchase the 540,000 square foot shopping center for $45.5 million.
RVI, based in Ohio, was a spin-off of DDR in 2018.
Retail Value said it intends to provide notice to the New York Stock Exchange of its intention to voluntarily de-list its common shares, which the company said should occur before the end of trading on April 7.
This story was originally published March 17, 2022 at 11:26 AM.
