Caraway Plaza Shopping Center Sells for $19M

Caraway Plaza Shopping Center Sells for $19M
Jerry Halsey Jr. (HTHREG)

The 160,000-SF Caraway Plaza Shopping Center at South Caraway Road and East Nettleton Avenue in Jonesboro has changed hands in a $19 million deal.

Halsey Thrasher Harpole Real Estate Group, which represented the seller in the deal, said it believes the deal is the second-highest single retail real estate transaction in the market's history.

The buyer was Exchange Solutions Inc., a qualified intermediary for Caraway Plaza LLC, according to the Halsey Thrasher. The buyer was represented by Stanton Falk of Marcus & Millichap in Cincinnati, Ohio. 

The sellers were Tramontana Group I LLC, Martini-Pace LLC and 1666 North Avalon LLC.

"This is a significant transaction in the history of the market, our firm and for me personally," brokering agent Jerry Halsey Jr. said in a news release. "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."

Martin Ensbury, managing member of the ownership group for the center for the past 12 years, lives and operates a real estate investment company in southern California.

"We remain heavily invested in other properties [in Jonesboro] through our relationship with HTHREG, and they are working with us to expand our portfolio," Ensbury said. "… We plan on continuing a long and profitable tenure there."

The shopping center's tenants include TJ Maxx, HomeGoods, Old Navy, Natural Grocers, Rack Room, Petco, Five Below, Hallmark and Merle Norman.