Turtle Creek Crossing, a 36,000-SF shopping center on Highland Drive in Jonesboro, is for sale for $10 million.
Publicly traded Marcus & Millichap of Calabasas, California, a commercial real estate investment services firm, is listing the property.
County real estate records show Rouse Properties Inc., a publicly traded New York real estate investment trust, as Turtle Creek Crossing’s owner. The company controls the property through RPI Turtle Creek Mall LLC.
Rouse purchased the shopping center in 2013, part of a $96.3 million acquisition that also included the nearby 695,000-SF Mall at Turtle Creek. The single-level enclosed mall, which sits on a 73-acre site at Highland Drive and Stadium Boulevard, opened in 2006 and is anchored by Dillard’s, JCPenney and Target.
Rouse purchased both properties from a private partnership led by David Hocker of David Hocker & Associates Inc. of Owensboro, Kentucky.
“Turtle Creek Crossing benefits from its great location on a signalized corner with frontage on East Highland Drive and Red Wolf Boulevard, which combined sees in excess of 49,000 vehicles per day,” Marc Strauss, a Marcus & Millichap vice president, said in a news release. “Additionally, the asset has great area demographics, and is proximate to the Turtle Creek Mall and Arkansas State University.”
C.J. Cropper, a Marcus & Millichap senior associate, is the firm’s broker of record in Arkansas.
According to Marcus & Millichap, Turtle Creek Crossing was built in 2008 and is about 93 percent leased. It sits on 4 acres at 3009 E. Highland Drive.
Tenants include PetSmart, which it said recently signed a 10-year lease and is expected to open on April 1; LifeWay; David’s Bridal; 1 Jewelry Galore; Diva Nails & Spa; and Sports Clips.