JANUARY 2, 2007 - Posted at 4:17 p.m. CST
LITTLE ROCK, AR - Three Arkansas developers say they have purchased three large shopping malls in Arkansas, Colorado and Oklahoma.
The new group, Midwest Mall Properties, says it paid about $400 million for the properties. The limited liability company is comprised of Doyle Rogers of Batesville, John Flake of Little Rock and Sam Mathias of Springdale.
The group bought the Northwest Arkansas Mall in Fayetteville; the Crossroads Mall in Oklahoma City and the Citadel Mall in Colorado Springs. The seller was Macerich Company of Santa Monica, California. The developers say the transaction closed on Friday.
Talks began on the sale in 2001.
Macerich will continue to manage mall operations and leasing. The investors say no management changes are planned.