Crossroads Mall sold to investors

Arkansas investors have purchased three malls, including Crossroads Mall in Oklahoma City.

Midwest Mall Properties, formed by Doyle Rogers, John Flake and Sam Mathias, has also purchased Citadel Mall in Colorado Springs, Colo., and Northwest Arkansas Mall in Fayetteville, the company announced Tuesday.

The purchase price was in the $400 million range, Midwest Mall said.

"We view this as a tremendous investment opportunity," Rogers said. "These are all class A properties, each 90 percent or more leased.

"All three are anchored by nationally renowned retailers and are in fast booming population centers. Each mall is in excellent condition and each has maximum potential for continued success."

Crossroads Mall, the largest of the malls purchased by Midwest Mall Properties, is near the intersection of Interstate 35 and I-240.

The 1.2 million-square-foot mall sits on 46 acres and is anchored by Macy's, Dillard's and J.C. Penney department stores.