Publicly-traded Rouse Properties, Inc. will acquire the Mall at Turtle Creek and an adjacent shopping center, Turtle Creek Crossing, in Jonesboro for $96.3 million.
The mall and shopping center are currently owned by a private partnership, Turtle Creek Partners LLC, that includes developers David and Talmage Hocker, Marty Belz and Bruce Burrow.
“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.,” said 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 property presents a solid opportunity for Rouse to utilize its national platform to capture the inherent upside potential of the property. This asset further enhances the overall quality of our portfolio and continues to expand our retailer relationships. We intend to build upon the success of Mr. Hocker, and improve the operating metrics of this first-class enclosed mall.”
The Mall at Turtle Creek and Turtle Creek Crossing totals approximately 731,000 sq. ft. and is located in Jonesboro.
The single-level, enclosed mall, constructed in 2006, is anchored by Dillard’s, JCPenney, and Target and is 91% leased. It also includes retailers Victoria’s Secret, Buckle, Chico’s, American Eagle, Francesca’s, Aeropostale and Bath and Body Works.