JONESBORO (AP) - A New York-based real estate investment firm is buying the Mall at Turtle Creek in Jonesboro for $96 million.
Rouse Properties Inc. closed Wednesday on the purchase from a private partnership led by David Hocker. The purchase also includes an adjacent shopping center, Turtle Creek Crossing.
Arkansas Business reports that Rouse owns 31 malls across the country. Rouse President and CEO Andrew Silberfein says the mall fits the publicly-traded company's strategy of acquiring malls that are dominant in their markets.
Under the pact, Rouse will take over the mall's $79.5 million mortgage.
The mall was built in 2006 and is anchored by Dillard's, JCPenney and Target stores.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.