HB Announces the Sale of the Old Indian Mall
Haag Brown Commercial is excited to announce the sale of one of the most talked about and rumor centered properties in the history of Jonesboro, the former Indian Mall.
Highland Street Group, LLC, an investment company from Memphis, Tennessee, closed on the property Thursday and has given the Jonesboro based company, Haag Brown Development, the official green light to re-develop the entire +/-16 acre site. Haag Brown Commercial’s Joshua Brown was the broker of record for the transaction.
“Over the past (24) months, our firm has been intimately involved at this intersection,” said Haag Brown Commercial Principal Joshua Brown. “We are in final negotiations with three tenants who will completely transform the old Kmart space at the Highland Square Shopping Center. We also led the conversion of the Coca Cola corner from an abandoned industrial building to a retail clothing store to a new technology office that will employ hundreds of people. We are now ready to make some dramatic changes on the old mall site as well.”
To symbolize a fresh start and generate excitement about this market changing development, the project will be getting a new name and branding.
“Our team has worked up several different marketing campaigns,” said Joshua. “Most people in Northeast Arkansas have a warm, fuzzy, nostalgic feeling when they hear, “Indian Mall”. We may incorporate that into our name and branding efforts.”
Haag Brown Development has on file preliminary architectural drawings of the development, which will feature 35,000 square feet of retail space connecting Kroger Marketplace and the old Sears building, re-development of the 80,000 square foot big box Sears space, four retail/restaurant out-pads along Caraway Road and Highland Drive, and a large mixed-use development behind Kroger Marketplace.
This project has always and will continue to draw a lot of attention from national groups looking to enter the Jonesboro market. Active negotiations are already under way with multiple tenants.
“Kroger Marketplace has proved to be the single top regional draw in this retail trade area,” said Joshua. “Grocery stores tend to be the best anchor because of the daily traffic they generate. There will be restaurants and retailers who want to be next to Kroger.”
The project is anticipated to greatly increase the city’s annual tax revenue while creating hundreds of jobs. “We are not ruling out any possibilities for this space,” said Haag Brown Commercial Principal Greg Haag. “We envision the old Indian Mall parking lot once again full of consumers and new employees. It will be a boost of momentum for the Jonesboro retail market.”
