Crossroads Center bought by New York-based developer - KWWL - Eastern Iowa Breaking News, Weather, Closings

Crossroads Center bought by New York-based developer

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WATERLOO (KWWL) - Extell Development Company, a real estate developer based in New York, announced on Tuesday that it has bought Crossroads Center.

Spinoso Real Estate Group, which has been working with the mall since it went into foreclosure in November of 2012, will continue to lease and manage the mall, Extell said in a statement released Tuesday.

"We look forward to continuing our efforts to lease and upgrade Crossroads Center working closely with Extell Development Company," said Carmen Spinoso, president and CEO of Spinoso Real Estate Group, in a written statement. "We are committed to reestablishing Crossroads Center as Black Hawk County's premier shopping destination."

Gary Barnett, president of Extell Development Company, says Crossroads Center has "great potential" and his company will "commit immediate resources to make it a premier shopping destination."

Crossroads Center is an 846,434 square-foot enclosed mall with over 70 stores.
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