Second largest commercial real estate transaction ever goes down in Jonesboro

by George Jared ([email protected]) 4,178 views 

Photo courtesy of KAIT.

Halsey Thrasher Harpole Real Estate Group recently announced the sale of the Caraway Plaza Shopping Center in Jonesboro. At $19 million dollars, it is believed to be the second-highest single retail real estate transaction in the market’s history behind the sale of The Mall at Turtle Creek in 2016.

Three owners – Tramontana Group I LLC, Martini-Pace LLC, and 1666 North Avalon LLC, all Delaware limited liability companies – were the sellers, while Exchange Solutions, Inc., an Arkansas LLC was the purchaser of the property. They were represented by Stanton Falk of Marcus & Millichap in Cincinnati, Ohio.

“This is a significant transaction in the history of the market, our firm and for me personally,” said brokering agent Jerry Halsey, Jr. “We have had the pleasure of helping revitalize this center over the last three years into the highest concentration of national retail tenants in Northeast Arkansas aside from The Mall at Turtle Creek, and this sale validates that success. It was an honor to work with the previous ownership, and we are grateful for the trust and confidence they placed in our organization. From planning to leasing to construction to management, our team has put in a tremendous amount of effort to get to this day.”

Martin Ensbury, managing member of the ownership group for the center for the past 12 years, said he likes the market and their future in it.

“We have loved Jonesboro,” said Ensbury. “Jerry and the team at HTHREG have been a joy to work with, and together we feel like we built a great asset for the community and for our group.”

Ensbury, who lives and operates a real estate investment company in southern California, says he is far from done in Jonesboro.

“We remain heavily invested in other properties there through our relationship with HTHREG, and they are working with us to expand our portfolio,” he added.

Caraway Plaza, a 160,000-square-foot shopping center at the intersection of South Caraway Road and East Nettleton Avenue, is home to national retailers TJ Maxx, HomeGoods, Old Navy, Natural Grocers, Rack Room Shoes, Petco and Five Below. That’s in addition to regional retailers June’s Hallmark, Merle Norman and others.