The Westgate Mall has new owners.
Negotiations for a mall sale have been ongoing for months, but the sale is reported to be a done deal.
Developers Diversified Realty Corp., which changed its name to DDR Corp., sold the mall and the Movies 10 Theater to Alex Schleider and Alan Retkinski, who formed Westgate Mall Realty Group.
The mall will be managed by Lexington Realty International, based in Lakewood, N.J.
Retkinski owns and is president of Lexington Realty, which handles the Watertown Mall in South Dakota. Schleider owns the Viking Plaza in Alexandria.
Dave Jackson, Westgate Mall manager, said Retkinski and Schleider joined together to purchase the Westgate Mall. While he didn’t want to go into more details, Jackson said future plans for the mall will be exciting. More details on what the new owners have planned for the mall’s future are expected Tuesday when the new owners are in Baxter to speak to officials.
Mann Theatres reported it has been in talks with the new ownership regarding plans for the theater.
Ohio-based DDR gave the mall a makeover in excess of $1.2 million in the summer of 2006. The mall, part of the community since 1985, is a 260,199-square-foot enclosed shopping center. The mall was expanded in 1998.
The mall, which is in both the Brainerd and Baxter city limits, has been seeking an additional anchor to Herberger’s since Steve and Barry’s closed its store in 2008.
RENEE RICHARDSON may be reached at email@example.com or 855-5852.