2 January 2007
Changes at Crossroads
Well, if Crossroads Mall can't make a go of it with ownership from California, let's give the Arkansawyers a chance:
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.
Sam Mathias operates Mathias Properties in Springdale, Arkansas; John Flake heads up Flake & Kelley Real Estate Management in Little Rock; Doyle Rogers runs the Doyle Rogers Company, with offices in Little Rock and Batesville. None of these fellows are what you'd call small-timers, so I'm pretty sure they're not in over their heads.
The Macerich Company owned all three of these malls. Citadel in Colorado Springs is just under 1.1 million square feet and is anchored by Dillard's, JCPenney and Macy's. (There was a Mervyn's, which has closed.) Northwest Arkansas Mall in Fayetteville covers 820,000 square feet; its anchors are Dillard's, JCPenney and Sears. (Dillard's has two anchor spots here, suggesting that something else left.)
Last spring I suggested that Crossroads was doomed; let's hope that judgment was a trifle premature.
Update, 9 am Wednesday: Apparently, says someone who's familiar with the area, the second Dillard's at Northwest Arkansas Mall was built on; it didn't replace something else.