Haag Brown Commercial announced the acquisition of the Southwest Drive Business Center, a property just off one of the busiest intersections in Jonesboro. Terms of the deal were not disclosed.
Comprised of three multi-tenant office/retail buildings, the center is situated near the corner of Main Street/Southwest Drive and Highland Drive and is home to multiple long-term tenants including the DMV, Warren Real Estate Group, the Christie McNeill Dance Studio, the Law Offices of Glenn Lovett, Jr., Lipscomb & Pitts Insurance, Wellness Associates of Arkansas, Beyond Therapy, and Barnett Chiropractic.
With 42,000 cars traveling down the thoroughfare each day, Southwest Drive is a heavily populated retail corridor that serves as a segue from the city’s residential area to the downtown Jonesboro business district.
Haag Brown has been active in developing the area around the intersection of Highland and Southwest Drive over the years. The firm was directly involved in numerous projects including Starbucks, CVS, Dairy Queen, and Southern Bank.
Established by Wayne F. And Virginia R. Baker in 1999, the Southwest Drive Business Center was originally home to Baker Rentals and Sales and Northeast Arkansas Fence Company. After the Bakers passed away, the family continued to operate the commercial real estate business as W&V Investments.
“The family is confident that the decision to be acquired by Haag Brown Commercial is one which will ensure that the properties and tenants will be taken care of with excellence now and in the future,” W&V Investments owner Robin M. Yates said.
“The Southwest Drive Business Center is a landmark property in one of those rare locations you simply cannot replicate. It was a blessing to go through the transaction with Mr. David and Mrs. Robin Yates. We’ve had a long-term, meaningful relationship and they are simply some of my favorite people in Jonesboro,” Brown said.
Developers plan to modernize and revive the center by updating signage, adding new landscaping, and remodeling the exterior. Work has already started on the re-development project.