Ohio Group Buys Crossroads Center

The Crossroads Shopping Center has new owners. According to a news release, Developers Diversified Realty paid $45 million to buy the shopping complex at I-10 and Highway 49 in Gulfport.

The new owners are based in Ohio. They've become the landlord of all the shops in the 540,000 square foot Crossroads center.

The news release says that Developers Diversified will oversee expansion of three outparcels and a 9,000 square foot free standing building.

Right now, Crossroads Center includes Circuit City, T.J. Maxx, Old Navy, Barnes & Noble, Office Depot, Academy Sports, Pet Smart, and Goody's. A Belk Department Store and a Bed, Bath and Beyond will both be added to the complex later this year.

Crossroads Center was initially proposed in 1994. Construction actually started in 1998. Because it's on 16th section land, the Harrison County School District benefits from the complex. Crossroads was originally built by a group out of Dallas, Texas.

Developers Diversified manages 300 retail properties around the country.