Crossroads Companies, LLC Orchestrates $5 Million Sale of Napanoch Valley Mall to Wal-Mart
ELLENVILLE, N.Y., Feb. 26, 2013 - Crossroads Companies, LLC, has concluded a $5 million sale of Napanoch Valley Mall, located at 7500 Route 209 in the hamlet of Napanoch. The Mahwah, N.J.-based real estate firm exclusively represented the seller, Napanoch Valley Mall LLC and its Managing Partner Joseph Tso, and Tree Line Real Estate represented the buyer, Wal-Mart Stores, in the transaction.
In addition to a 130,000-square-foot Wal-Mart, the 20-acre site is being redeveloped to include an adjoining 7,600-square-foot retail plaza. The Napanoch Post Office and three retail tenants will occupy the new space. Plans include razing the outdated 30-year-old structure and replacing it with a modern grocery/discount department store.
"This property has been in transition ever since Ames and Grand Union vacated the premises many years ago," said Steve Hittman, president and CEO of Crossroads Companies. "We are pleased to have finalized this sale on behalf of the seller, paving the way for construction and access to much-needed goods and lifestyle necessities for local residents in close proximity to their homes."
Located in western Ulster County, N.Y.'s Town of Wawarsing, Napanoch is situated at the junction of Routes 209 and 55. It is on the Shawangunk Ridge National Scenic Byway and part of the Hudson River Valley National Heritage Area. The nearest retail centers are 40 minutes away in Middletown or Kingston, N.Y.
Crossroads was established in 2001 as a real estate development company specializing in supermarket-anchored shopping centers. The company, based in Mahwah, N.J., owns, leases and/or manages a portfolio of approximately 700,000 square feet of shopping centers. Crossroads also provides third-party real estate and consulting services.