Haag Brown Commercial Real Estate & Development of Jonesboro and Colliers International in Little Rock are part of an ownership group that recently bought the 52,000-SF Regions Bank building in Jonesboro for about $3.4 million.

The five-story building will be renamed the 2400 Building, according to a news release from Haag Brown.

Haag Brown will handle the leasing of the building and Colliers will manage it, said Joshua Brown, a co-owner of Haag Brown.

Brown said that Haag Brown might begin offering property management services, depending on the outcome of the project. “We have been asked repeatedly in this market to provide property management services,” he said. “This building is such a big property management deal that we’re using it as a diving board to jump into that business.”

In the first three days of owning the building, Haag Brown has shown the top two vacant floors, which total 16,000 SF, to three potential tenants, Brown said. The first three floors are occupied.

“This building is the best centrally located office property in the Jonesboro trade area and provides a beautiful view of the city,” Brown said in the news release.

The building was bought from an entity owned by Jonesboro developer Bruce Burrow and his business partner, Marty Belz of Memphis. Burrow filed for Chapter 11 bankruptcy in July 2012.

Brown declined to say who else was in the ownership group and referred questions to Colliers International. Isaac Smith, a principal at Colliers, said he had to check with other investors first before he released their names.

by Mark Friedman on October 7, 2013