Jonesboro, Ark. — Rouse Properties purchased the mall and an adjacent shopping center.
Jonesboro, Ark. — New York-based real estate investment trust Rouse Properties, which owns 31 malls across the country, has closed on its purchase of the Mall at Turtle Creek in Jonesboro for $96.3 million.
The deal includes an adjacent shopping center, Turtle Creek Crossing. Rouse purchased the two properties from a private partnership led by David Hocker. Both properties total approximately 731,000 square feet.
“We are extremely pleased to complete the acquisition of the Mall at Turtle Creek, further demonstrating our ability to identify and acquire market dominant and protected malls across the U.S.,” says Andrew Silberfein, president and CEO of Rouse Properties.
“The Mall at Turtle Creek is well-located, with a track record of strong operating performance. As one of the last enclosed malls constructed prior to the recession, this newer vintage presents a solid opportunity for Rouse to utilize its national platform to capture the inherent upside potential of the property.”
The Mall at Turtle Creek, constructed in 2006, is anchored by Dillard’s, JC Penney, and Target. The property is 91 percent leased.
The purchase price includes assuming the mall’s $79.5 million mortgage, which matures in June 2016.
Rouse says the deal is part of the company’s strategy to acquire malls that are market dominant. The nearest enclosed mall is located more than 75 miles away and is considered a regional shopping destination in northeast Arkansas.
Savills represented Turtle Creek Partners, a private partnership between David and Talmage Hocker, Marty Belz and Bruce Burrow, the seller in the transaction.
— Liz Burlingame