TUPELO — Rouse Properties Inc., a New York-based owner and operator of enclosed regional malls, has entered a joint venture partnership with David Hocker & Associates Inc. to own and operate The Mall at Barnes Crossing, a single-level, 670,000-square-foot enclosed regional mall in Tupelo.
The joint venture also includes Market Center, a 60,000-square-foot strip shopping center located adjacent to the property.
Rouse is purchasing a 51 percent interest in the properties and will act as managing member for the venture. In conjunction with the transaction, the joint venture closed on a new, 10-year $67-million non-recourse loan with an interest rate of 4.29%.
Andrew Silberfein, president and CEO of Rouse Properties, said, “The acquisition represents Rouse’s 36th mall and 23rd state and is consistent with the company’s goal to continue to upgrade and diversify its asset base across the country. The combination of Rouse’s national platform and Hocker’s experience and proven track record will enable us to drive revenue and sales productivity and optimize the merchandising mix at the properties.”
“We have been highly focused on the Tupelo market for more than 25 years and are pleased and honored by the opportunity to partner and work with the outstanding team at Rouse,” said David E. Hocker, chairman of David Hocker & Associates Inc. “The energy and vision that Rouse brings to our partnership offers great promise for the future of The Mall at Barnes Crossing and Market Center. Rouse shares our goal of offering the extended Tupelo and northern Mississippi areas the most exciting and vibrant shopping experience possible.”
The Mall at Barnes Crossing is anchored by Belk, Belk Men’s and Home Store, Jcpenney, Sears, Dick’s Sporting Goods, Barnes & Noble and an eight-screen Cinemark movie theater, and features a strong roster of national retailers such as Victoria’s Secret, Ann Taylor Loft, Chico’s, Buckle, Bath & Body Works, Francesca’s and Ulta. The property is 94.1 percent leased with inline sales of approximately $360 per square foot.
Market Center, the strip center adjacent to the mall, is anchored by Gap, Old Navy and Shoe Carnival.