A deal that had been struck to purchase and revitalize the Kendale Plaza shopping center in Jonesboro has fallen apart after the buyer was unable to obtain sufficient information about the state of the property, multiple sources have confirmed to the Rant.
A Texas-based commercial real estate firm had reportedly entered an agreement to purchase the property and partner with a Thomasville-based company specializing in redevelopment to turn at least the most dilapidated portion of the aging shopping center into residential lofts.
But sources also reported that the buyer was unable to obtain sufficient information from the Georgia-based Ben F. Kushner Company, which has owned Kendale since 2000, about issues discovered with the property during the due diligence period. This apparently resulted in too much uncertainty for the buyer to feel comfortable moving forward, ultimately tanking the sale.
Neither the potential buyer nor representatives from the Ben F. Kushner Company returned calls seeking comment.
It’s unclear what the deal’s failure means for Kendale, which was the subject of a three-part Rant series in December of 2017. Another buyer could come along, but if Kushner doesn’t address issues to prospective purchasers, it’s hard to see a sale happening. Meanwhile, the company reported that the run down facility was profitable to the tune of more than $340,000 in 2017, meaning that even if the shopping center is on the market, Kushner’s incentive to move it isn’t as great as it could be. Part three of our 2017 series detailed a number of ways public involvement could facilitate a sale, but we don’t know whether any of those scenarios will occur.
The bottom line is that while downtown Jonesboro and Kendale Plaza were very close in recent weeks to having new ownership and potentially new life, it just didn’t happen this time. Our fingers are crossed that something will come together sooner than later.