Article Source :: Jonesboro Sun ::
JONESBORO – A local investor was the winning bidder for redevelopment property at The Mall at Turtle Creek, Josh Brown of Haag Brown Commercial Real Estate & Development confirmed Monday.
The 38.89-acre package sold for $4.875 million on Wednesday, according to rimarketplace.com.
The prime attraction was land between the Dillard’s and JC Penney stores. The March 28, 2020, tornado forced demolition of a large building that contained dozens of stores. The new owner will also own property currently leased by Chick-fil-A Chili’s and Chuck E. Cheese’s.
Though Brown said in an email he wasn’t authorized to identify his client at this point, his company would be heavily involved in the project.
“We have signed agreements that will make Haag Brown the exclusive leasing and development company for the new project,” Brown wrote. “We expect there to be a new 96,000 square foot building that will be leased to national tenants some who used to be in the mall before the tornado.”
Since the tornado, only Target, Dillard’s, JC Penney and businesses and restaurants located in outparcels remain.
The Dillard’s and J.C. Penney stores are owner-occupied and had to undergo extension renovation before they could reopen. The mall officially opened in 2006.
Brown said Haag Brown is excited to be involved in the mall’s recovery. Zac Qualls and Nathan Eller will lead the HaagBrown brokerage team. “We are very excited about what this will mean for the community,”
Brown said of the plans. He recalled watching its construction from an office he occupied in the 2400 Building early in his career.
“I was able to touch over 30 real estate projects on Red Wolf Blvd., over the course of a decade because of the Mall at Turtle Creek.,” Brown said in his email. “Our firm has worked for five years to relocate and recruit retailers back to our market who left when the tornado hit the mall. So, we are going to take this very personal!”
No closing date for the sale has been disclosed, but the transaction could be completed within 30 days.
About Haag Brown Commercial Real Estate & Development:
Haag Brown Commercial was established in 2010, and now has offices in both Jonesboro and Bentonville, AR. Specializing in project development, tenant representation, and investment advising for commercial properties in Arkansas and surrounding states, Haag Brown Commercial has continually expanded, launching divisions including Haag Brown Commercial – Industrial Division, Haag Brown Commercial – Medical Division, and Haag Brown Commercial – AG Division, bringing specialized knowledge and expertise to each area. Partners Greg Haag and Joshua Brown bring over 60 combined years of expertise in the real estate field, leading Haag Brown Commercial and their clients to success by placing clients’ needs ahead of their own while striving to excel in quality innovations and value of services in order to be a Philippians 2:4 company. Their passion for growth within Arkansas has led to a resilient and diverse economic base as they aggressively pursue progressive concepts to fill voids in the market and create options that will positively impact the community.
For more information about Haag Brown Commercial Real Estate & Development, please call 870.336.8000 or visit www.haagbrown.com.
