Two local businesses have purchased the former Sears retail building in Jonesboro.
Gearhead Outfitters and Gamble Home have joined forces to buy the building, part of the former Indian Mall, for $4.9 million. The 82,000-square-foot building, located at the corner of Highland Drive and Caraway Road, sits on 5.8 acres of land.
Gamble Land Company, LLC and Math Investments, LLC are the entities that have purchased the building.
Currently, three businesses are set to occupy the building. Gamble Home will take the eastern end of the building, and Gearhead Outfitters and La-Z-Boy Comfort Studio will be located in the middle of the building. There will approximately 25,000 square feet in the western end of the building that will be available for sale or lease.
“This is the most meaningful retail transaction for Jonesboro in the last decade. You have two locally cultivated Jonesboro businesses joining forces to purchase and invest in the single most important retail building in the city’s history,” Haag Brown Commercial principal Joshua Brown said in a statement.
According to a Haag Brown news release, the building will be redeveloped to update its exterior design, and it will include a covered plaza, improved walkways, an open greenspace and a small food truck area.
Opened in 1968, the Indian Mall was a major retail center in Northeast Arkansas for decades. Sears was the last holdout in the building, closing in 2017. The Sears building is the only portion of the original mall still standing.
Arkansas Money & Politics has reached out to Haag Brown for additional comment.