JONESBORO, Ark. – An auction for several pieces of prime real estate in Jonesboro was called a major success Wednesday.
Haag Brown Commercial announced Wednesday’s live auction by J.P. King of the Creek Place Development on Red Wolf Boulevard was a “major success.”
All 7 parcels totaling over 10.9 acres were sold to 4 separate bidders.
“We look forward to the energy each of these new owners will bring to this development. I’d also like to thank the other brokers who worked with buyers and made an impact on the success of the auction. Both Marshall Ghant and Martin Young registered buyers who wound up being winning bidders on a few lots,” said Haag Brown Commercial Principal Joshua Brown. “With the major infrastructure for this site already complete, we expect to see changes start taking place in the first quarter of 2017.”
Haag Brown Commercial marketed the Creek Place property and within 3 years completed several projects, adding such notable tenants to the development as Buffalo Wild Wings, Wal-Mart Neighborhood Market, Schlotzsky’s, Great Clips, and fab’rik.
The project is a virtual extension of the Mall at Turtle Creek and has access from Jonesboro’s main thoroughfares, Red Wolf Boulevard, Caraway Road, Highland Drive, and Nettleton Avenue.
In an effort to assist Centennial Bank in getting the entire piece of real estate off their books at one time, Haag Brown suggested that it be put up for auction and teamed up with Joel King of J.P. King Auction Company, Inc. to accomplish this task.
“We enjoy being a part of deals wherein everyone is a winner,” said Haag Brown Commercial Principal Greg Haag. “This is definitely one of those deals. The bank was able to conveniently dispose of their land in a short amount of time while the individual investors acquired above market value retail land at a discounted rate.”