Developer agrees to buy Jonesboro mall
WMC-TV Memphis
Associated Press
8/6/2007
JONESBORO, Ark. (AP) - A developer has agreed to purchase the Indian Mall in Jonesboro and plans to refurbish the property.
The Mall of Turtle Creek opened last year and now has more than 100 stores, including Dillard's, JCPenney and Target as anchors.
The older Indian Mall is being sold by the Warmack family to MBC Holdings, a company owned by developers Bruce Burrow and Marty Belz. Terms of the sale were not disclosed.
MBC Holdings says in a news release that the Indian Mall will be redeveloped and is planned to have four major tenants.
Burrow says the city will have to agree in advance on infrastructure and other issues for the redevelopment to go forward. Burrow says he wants a written assurance from the city during the 60-day due diligence period.
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