June 19, 2013

Jonesboro's Turtle Creek Mall sells for $96M

BY: AP Staff Writer JANUARY 3, 2013 | MODIFIED: JANUARY 3, 2013 AT 8:45 AM
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JONESBORO, Ark. (AP) — A New York-based real estate investment firm is buying the Mall at Turtle Creek in Jonesboro for $96 million.

Rouse Properties Inc. closed Wednesday on the purchase from a private partnership led by David Hocker. The purchase also includes an adjacent shopping center, Turtle Creek Crossing.

Arkansas Business reports (http://is.gd/4XXtTZ ) that Rouse owns 31 malls across the country. Rouse President and CEO Andrew Silberfein says the mall fits the publicly-traded company's strategy of acquiring malls that are dominant in their markets.

Under the pact, Rouse will take over the mall's $79.5 million mortgage.

The mall was built in 2006 and is anchored by Dillard's, JCPenney and Target stores.

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