Crossroads shopping center will be changing hands

The company that owns Crossroads Center in Gulfport announced this week that is selling the property to a third-party purchaser for $38.5 million in cash.

Retail Value Inc. made the announcement this week.The sale is expected to be completed in April.

The shopping center has anchor stores of Belk, Barnes and Noble, T.J. Maxx, Academy Sports and Michaels, as well as Cracker Barrel, Longhorn Steakhouse and Panda Palace restaurants as well as other shops.

Cinemark movie theater also is in the shopping center.

The shopping center has been open since 1999. Developers Diversified Realty bought the shopping center in 2003. Retail Value is a spinoff company of DDR.

Retail Value also announced that it was de-listing from the New York stock Exchange in April.