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.