NU Online News Service, Jan. 3, 2005, 5:01 p.m. EST

A Midwestern insurer will be reporting a big gain on an Arizona real estate transaction.[@@]

Kansas City Life Insurance Company, Kansas City, Mo., is selling its 50% stake in real estate near the Paradise Village Mall in Phoenix for $54 million through 2 separate sales.

Most of the land will go to The Macerich Company, Santa Monica, Calif., a real estate investment trust that owns the other 50% interest in the real estate.

The official closing date is Dec. 31, 2004.

Because Kansas City Life invested in the property more than 20 years ago, the deal will bring it a gain of about $40 million, the company says.