X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JONESBORO, AR-Less than a year after Goody’s Family Clothing declared bankruptcy and vacated its 30,000-square-foot space at the 105,000-square-foot Bernard Court Shopping Center, the space is now backfilled, thanks to a 10-year, $2 million lease signed by Ashley Furniture Homestore. The furniture company, which took approximately 25,000 square feet, joins Hobby Lobby, which also expanded into the empty space last summer.

Ashley plans a Q1 2010 opening in its new space at 1843 E. Highland Dr. Jonathan Gould, CEO with asset owner Stonemar Properties, says the transaction was fairly quick especially given current market conditions. “I’ve had deals I’ve been working on for 14 to 16 months. This was a nice change,” Gould says.

He tells GlobeSt.com that there wasn’t much time between Goody’s vacating the space in January 2009 and the backfill. Leasing out empty box space of 25,000 square feet and above can take longer than a year. “This took place faster than I’d anticipated,” Gould acknowledges.

Now New York City based Stonemar is hard at work to lease up the last bit of space at an adjacent property it owns, the 50,000-square-foot Crossroads Shopping Center. Gould says the space has been dark for some time, but there is interest in it. “Crossroads is at main and main,” he adds. “This isn’t called ‘Crossroads’ by accident.”

Stonemar acquired Bernard Court and Crossroads Shopping Centers for $16 million in 2007. Other tenants in the adjoining properties include Shoe Carnival, Office Max and Mattress King. Both properties are also adjacent to a Walmart SuperCenter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.