HUTCHINSON, Kan. — The Hutchinson Mall has been sold and a real estate investment company based in Houston, Texas is buying the property as well as three other shopping malls in three other states. In addition to the Hutchinson Mall, RockStep Capital Real Estate is buying the Imperial Mall in Hastings, Neb., Lakewood Mall in Aberdeen, S. D., and Thunderbird Mall in Virginia, Minn.

They say in the news release that they’re a full-service investment firm that uses investor capital to acquire shopping centers in small towns throughout the U.S. They say they believe in small town values, in building long-lasting partner relationships and improving the communities in which they invest. They have developed or acquired over four million square feet of shopping centers throughout the country.

The First National Bank of Omaha had filed a petition of foreclosure against the owners of Hutchinson Outlots, LLC, and the Rubloff Development Company, based out of Rockford, Ill. That was back in April of 2012. The company owned the Hutchinson Mall and surrounding property. The property then went into receivership and now has a new owner.

Jason Ball, President of the Hutchinson Reno County Chamber of Commerce had told us for some time that something was in the works, but declined until now to comment. He says he’s very excited about the transition of ownership. He says, “that was something that had to change before we would see any progress.” He adds, “it had to get out of receivership for that to happen and we’re extremely excited that this step has been taken today.”

Andy Wiener, President of the company, says he believes that these assets provide a huge opportunity for redevelopment because they have effectively been under managed and under capitalized for a long period of time. He says, “the communities in which they’re located are vibrant and strong.” In addition, he says they believe in local ownership and have been successful in obtaining local investors to join the investment group.

Hutchinson City Manager John Deardoff says they have been in discussions with this group for over a year. He says, “we’re really excited about what they can bring to the Hutchinson Mall and what the future looks like under their ownership.”

These malls purchased by RockStep will employ local management with Jody Vest as manager of Thunderbird Mall and Operations Manager for all four properties. Dan Flores will be the manager for the Hutchinson Mall.

Tommy Stewart, based in Houston, is the asset manager for all four properties. Director of Acquisitions, Beth Isaacson-Hoeft, based in Aberdeen, S. D., will negotiate leasing with current tenants as well as new tenants interested in coming to each property.

They also say that their company has a seasoned management team with a combined 80 years of experience in the real estate industry. In addition, Wiener has first-hand knowledge of the major retailers who operate throughout the Midwest as he has managed the operations of a clothing store chain with over 150 locations.

They say they’re very excited about this opportunity to purchase these properties, and look forward to working with each community.