MBC to purchase Jonesboro mall
Memphis Business Journal
Andy Ashby
8/6/2007
MBC Holdings LLC announced it has entered into a contract with Warmack & Co. LLC to purchase the 378,000-square-foot Indian Mall in Jonesboro, Ark.
Terms of the deal for the 40-year-old mall were not disclosed, although the 32-acre development was listed for $15 million.
MBC Holdings is a partnership between Memphis' Marty Belz and Arkansas developer Bruce Burrow.
Sears and a Dillard's clearance center are the only two tenants at the Indian Mall, although MBC Holdings plans to spend more than $50 million to redevelop the site. The redevelopment could mean as many as four major tenants, including some that are new to the Jonesboro market.
MBC Holdings is in a 60-day due diligence period to review and study the property.
The development is expected to employ 700 people, provide retail sales of more than $70 million annually and create 250 new construction jobs, according to Burrows.
In 2005, MBC Holdings opened the $107 million, 790,000-square-foot Mall at Turtle Creek in Jonesboro.
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