MUSCATINE, Iowa — The Muscatine Mall has been bought   by a group of Quad-City area businessmen, several of whom already have interests in the city.  

In a phone interview Wednesday, Realtor Thad Denhartog confirmed that he and three other men, forming Muscatine Mall Management LLC, had purchased the mall, building and land for $2.925 million, in a deal worked out over a roughly six-month period and closed on Monday.

The previous owner, Chicago-based Landau & Heyman, which bought the mall about seven years ago, could not be reached for comment as of press time this morning.

According to the Muscatine Area Geographic Information Consortium (MAGIC) Web site, the property’s net value in its 2005 evaluation for tax assessment was listed as $3,810,190.

Aside from Denhartog, the new owners include Scott Anderson, president of Cedar Development, which developed a strip mall in Muscatine’s Northport Plaza on U.S. Highway 61 East; Kevin Koellner, president of Build to Suit Inc, which developed a strip mall adjacent to the Hy-Vee Food Store on Second Avenue; and Rodney Blackwell. Aside from being owners, they also will manage the mall.

“I think we’ll be more hands on,” Denhartog said, comparing the new owners to the outgoing Chicago owners. “I think that it’s tough for them to come down very often, and the mall’s been neglected. And we have more local knowledge. This is an opportunity to revitalize an important business.”

Denhartog said the new owner-management group plans to do redevelopment work on the mall, but no timetable has yet been set.

He also said that the group has received some interest from potential new tenants but has not signed any officially.

According to Toni Klaren, who will be the mall’s new local manager, the mall is currently at 45 percent total occupancy.

“I think it’s going to be very healthy for the mall,” said Gary Carlson, president and CEO of the Greater Muscatine Chamber of Commerce and Industry. “I think the biggest complaint we’ve heard from Realtors … ” was difficulty in communicating. 

Several of the mall’s current tenants say they’re optimistic about new ownership too.

Terry Dotson, vice-president of Des Moines-based Fridley

Theatres, which has a location in the mall, said he hopes the new ownership could facilitate the building of a new theater. “We’d like to see an entirely new theatre, basically something state of the art with better sound and stadium seating,” he said.

At Beacon of Hope Christian Book Store, owner Lynn Pohren said she was glad to hear about the change.

“I think it’ll be easier to talk with the management, and it’s great that they’re local,” she said. “I think this will just help things get better.”

Stephanie Whitsel, who manages the mall’s GNC store, agrees.

“I think the company that had this place was just interested in using it as a tax write-off,” she said.

“I hope they can bring in some more stores. Having the privately owned businesses is great, but I think you really need some chain stores to help bring people in.”

Contact Peter Rugg at: 563-263-2331 Ext. 322 or peter.rugg@muscatinejournal.com