Center Mall changes ownership
By Melinda Rogers, The Forum
Published Wednesday, August 09, 2006
The Moorhead Center Mall has a new majority owner.
After more than 30 years as the main proprietor of Moorhead’s flagship shopping center, TRE Investments this month transferred ownership to new managing partners Patrick Vesey and Kelly Zander.
Vesey and Zander, both private investors, said they want to bring energy to the mall so the shopping venue’s sales will increase.
“Our focus is to really work hard and take care of our retail tenants and to take care of our customers in the local community,” Vesey said.
The two own several pieces of real estate in Fargo-Moorhead, they said.
Winton Johnson of Moorhead-based TRE Investments, one of three partners who owned the mall, said the group decided to sell its portion of the mall’s ownership because of nearing retirement age.
Terms of the agreement between TRE Investments and Vesey and Zander were not disclosed.
The 216,000-square-foot mall, at 510 Center Ave., houses 37 tenants.
A 106,500-square-foot Herberger’s department store serves as the mall’s main anchor. Moorhead City Hall is also attached to the facility.
Nineteen owners, along with Vesey and Zander – who now own about 60 percent of the mall’s condominium units – have a stake in the venue.
The structure has presented challenges in that there has not been one single owner to make decisions such as offering business incentives to relocate in the mall, some tenants say.
Several mall tenants said Tuesday a change in ownership could give the mall a rebirth it desperately needs.
“We need some new blood,” said Bob Grantham, owner of His Styling Salon, a barbershop that’s been in the mall for 30 years.
“What you need is to have someone in here who has other interest in malls. We need another anchor store to bring more customers,” he said.
Jim Bjorklund, owner of Moorhead Drug, agreed new owners could bring revived energy to the mall.
The facility’s direction waned in recent years as Johnson’s managing partner, Ron Ohe, battled cancer and couldn’t dedicate as much time to the mall’s marketing and promotion.
Ohe died in 2005.
The Moorhead Center Mall has long played second fiddle to its competitor across the river, however. West Acres Shopping Center opened in 1972, the same year the Moorhead Center Mall was under construction.
Today that vibe can be felt from a simple glance at the mall’s marquee, which reads “Another Great Place to Shop.”
Mall Manager Kristi Ulrich said she believes good things are in store for the retail outlet’s future.
“We are thrilled. I think it’s going to bring new energy and excitement to downtown Moorhead,” she said.
Finally!!! Someone else is taking over and hopefully can breath some life into this sleeping giant. I'm happy someone finally agrees with me that the slogan "Another Great Place To Shop" is stupid and shows your second fiddle. Why do other businesses hurt their image by using this stupid jingles? I can think of some other stupid ones (Local Businesses in FM) :
"We really want your business" (No crap, really, are you sure???)
"King of the Road" (You have to watch local FM tv to get that one)
"A Furniture Store for Everyday Normal People" (Duh,duh,duh...yeah you wouldn't want Higher End clients...)
"Watch Us Make You Smile" (Ask people in FM what they think of their cable service...)
I could go on and on but I won't.
I hope the Moorhead Center Mall really takes off and becomes a real competitor for West Acres.