After nearly a year on the listing block, Crossroads/150 LLC paid $1.5 million for the Macy’s department store building at Crossroads Mall. The seller was Macy’s Retail Holdings Inc. Crossroads/150 LLC is managed by local commercial real estate broker and developer Richard Tanenbaum.  The new owner plans to hold the property for investment purposes.

Gerald Gamble of Gerald L. Gamble Co. negotiated the sale and represented both the buyer and the seller in the transaction. Gamble says the building is in excellent condition and will be available for reuse.

“This is an advantage for Crossroads Mall to have a qualified local entrepreneurial developer type owner own the facility and makes things happen,” Gamble says.  “It is a redevelopment opportunity.”

The two-story department store consists of 151,000 square feet of retail space on a 14-acre site. The building has been vacant since early 2008 when Macy’s closed its doors in the mall.

“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."

Tanenbaum said he's working with several ideas and groups.

Financing was provided by Frontier State Bank, and title services were provided by Old Republic Title Company of Oklahoma.