First quarter

Last time we heard anything about Crossroads Mall, on the city’s south side, was when word got out that it had become the property of the Fed. At the time, I said basically one word: “Bulldozers.”

Now I’m not so sure. As is often the case with malls, while smaller stores paid rent to mall management, the anchor stores owned their sections outright. And one of the departed anchors has managed to find a buyer: Macy’s last month spun off its share of the property to something called Crossroads/150 LLC, for a tidy $1.5 million.

This particular something, reports OKCBiz, is managed by Richard Tanenbaum, who says he plans to retain it as an investment property. And I can’t really argue with him on this:

“It’s not the time to be buying anything,” Tanenbaum said with a laugh, “but, my goodness gracious, at 10 bucks a foot … It’s just one of those deals that you just can’t pass up.”

So: one down, three to go. Crossroads Maiden Lane LLC, the Fed’s entity, owns two of the anchor slots — JCPenney and Montgomery Ward (later Steve & Barry’s) — while Dillard’s retains their location.

I still can’t imagine what might happen to this place that would make it profitable, but I still am loath to bet against Richard Tanenbaum.





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