CHENAL RETAIL – Space Sells for $4.4M

Haag-Brown Development LLC, an affiliate of Haag-Brown Commercial Real Estate & Development in Jonesboro, paid $4.4 million last month for 63,700 square feet of retail space, which now is home to a Marshalls, a Fit Factory and a vacant space next to the Kroger on Chenal Parkway, said Joshua Brown, who owns Haag-Brown with Greg Haag.

The Kroger Marketplace at 16105 Chenal Parkway opened in 2010.

Haag-Brown financed the deal with a $4.6 million loan from Batesville’s First Community Bank. The mortgage has a maturity date of 2023.

The property, which includes the building plus the land to the street, last appraised at $7.7 million.

The seller was Kroger Limited Partnership I.

Haag-Brown of Jonesboro normally operates as a commercial real estate broker in northeast Arkansas and as a buyer and developer outside its market, Brown said. Haag-Brown expects to close soon on a long-term lease with a national retailer not in central Arkansas, Brown said.

“We just love that area of Little Rock and felt like this was a good opportunity,” Brown said.

Haag-Brown also develops real estate in Tennessee, Mississippi, Missouri, Oklahoma and Texas.

Full Article at ArkansasOnline.com | Sunday, March 4th 2018