The Port Arthur property, the largest of the three, is about 90 miles east of Houston in Jefferson County, and totals 706,160 sf. It's anchored by Dillard's, JCPenney, Sears and Target, and sports a 10-screen Dickinson Theatre, plus Bealls and Hobby Lobby as two major tenants, three sit-down restaurants and more than 50 specialty stores.

Slightly smaller is the Texarkana mall, measuring 686,700 sf and anchored by Dillard's, JC Penney and Sears. Central Mall in Lawton, OK, is a 526,600-sf property located 45 miles from the Texas border in the southwestern Oklahoma. It too is anchored by Dillard's, JC Penney, and Sears and features a 12-screen Dickinson Theatre.

Greg Maloney, president of Jones Lang LaSalle's Americas Retail group, tells GSR that this sort of deal is a basic building block of his company's business (JLL manages 34 million sf of retail properties nationwide). "We try to build long-term relationships with our clients, and this is a fine example of that," he says. "When we started working with Greg six years ago, he had only one mall. We've worked with him from the ground up, and we've been successful as he's been successful."