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Old 03-01-2010, 04:48 PM
 
Location: Omaha Nebraska and dreamland when I am sleeping
3,096 posts, read 6,458,814 times
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Crossroads on auction block


Crossroads Mall has defaulted on its mortgage and will be sold at a public auction Thursday.

Simon Property Group, the mall's owner and the nation's largest mall operator, put the mall up for sale this summer, but no one has bought the nearly five-decade-old mall at 72nd and Dodge Streets.

Jay R. Lerner, president of The Lerner Co., said his firm was hired by CWCapital, the Washington, D.C., firm representing the lender, to manage the property if the lender ends up owning it.

The mall was appraised at $57.1 million in 2002, according to a JPMorgan Chase & Co. report.


Omaha.com - The Omaha World-Herald: Metro/Region - Crossroads on auction block
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Old 03-01-2010, 04:49 PM
 
Location: Omaha Nebraska and dreamland when I am sleeping
3,096 posts, read 6,458,814 times
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I am not surprised. other than Target and Barnes & Noble

there is nothing left at Crossroads Mall at this point
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Old 03-01-2010, 05:17 PM
 
Location: I think my user name clarifies that.
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$57 million 8 years ago...

My guess is that it won't sell for more than about $10 million - maybe less. And that's assuming it actually sells. A lot of times these bankruptcy auctions are little more than a legal formality instead of a true sale.
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Old 03-01-2010, 05:28 PM
 
Location: Hillsboro, OR
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I went in there once to go to foot locker. Yeah, never again.
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Old 03-01-2010, 05:37 PM
 
Location: I think my user name clarifies that.
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Cultural & Social shifts are interesting. 30-40 years ago, big indoor malls were all the rage. Now they're dead. Not cool enough for the suburbanites to risk driving to "the ghetto" to shop. Westroads Mall will be next on the chopping block.


It'll be interesting to see what happens with the property.
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Old 03-01-2010, 06:33 PM
 
Location: Tampa (by way of Omaha)
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Hopefully someone with a clue buys it and rehabs it back to the way it should be.
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Old 03-02-2010, 12:07 AM
 
Location: north omaha
30 posts, read 89,872 times
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Quote:
Originally Posted by Omaha Rocks View Post
Cultural & Social shifts are interesting. 30-40 years ago, big indoor malls were all the rage. Now they're dead. Not cool enough for the suburbanites to risk driving to "the ghetto" to shop. Westroads Mall will be next on the chopping block.


It'll be interesting to see what happens with the property.
None of the outdoor malls in Omaha come even close to bringing in the money Westroads pulls in... And while both village point and shadow lake have decreased in sales year over year (pathetic for shadow lake being that its only 2 years old), westroads sales have increased double digits. I do retail management at westroads and I have to collect month ending reports and compare competitors sales %'s every month mall to mall so I can "prove" whether or not we are earning the sales increase at our store or just riding a gravy train. Sure enough, every one of our competitors is doing just as well as we are at westroads while their other stores are suffering elsewhere.
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Old 03-02-2010, 05:23 AM
 
Location: Here
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Maybe they should tear it down and build a baseball stadium? Seems like Omaha needs another one of those.
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Old 03-02-2010, 07:37 AM
 
6,486 posts, read 5,667,795 times
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Quote:
Originally Posted by dsrich98 View Post
Maybe they should tear it down and build a baseball stadium? Seems like Omaha needs another one of those.

That really wouldn't be that bad of an idea. Might be better than down by the river. Lots of space. Heck, you could set up a rail line going up Dodge and North/South on 72nd street to shuttle people in.
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Old 03-02-2010, 07:50 AM
 
Location: I think my user name clarifies that.
8,293 posts, read 23,095,453 times
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Quote:
Originally Posted by Calvinist View Post
That really wouldn't be that bad of an idea. Might be better than down by the river. Lots of space. Heck, you could set up a rail line going up Dodge and North/South on 72nd street to shuttle people in.
...and maybe UNO could promise to rent the stadium for its home games?

I think we're onto something here.
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