The day that prospective buyers of The Pines were to close on their $12 million purchase has come and gone, but that doesn't mean it's a lost cause.
An employee with the Jefferson County assessor's real property office specified last week that closing documents for the mall, which has been shuttered since June 2020, could come into the office by the end of this month -- if, that is, the deal has actually closed.
Tucker Bearden, who lives near Pine Bluff, signed an agreement through Atlas Group Consulting LLC of Woodbridge, N.J., on July 21 to purchase the property at 2901 Pines Mall Drive, just off East Harding Avenue, for $12 million, including a down payment of which the amount was redacted in a copy of the contract Bearden provided to The Commercial.
Reached by text Tuesday, Bearden responded: "Not doing any media updates until construction begins." Bearden declined to state when construction would begin or whether the sale has been or will be closed.
Bearden addressed the concerns community members had in August during an episode of The Commercial's web series "The Newsroom." His prior announcement to revitalize The Pines, which first opened in 1986, divided those skeptical about his intentions from those optimistic that Pine Bluff could once again have a premier indoor shopping facility.
Bearden said in August the money to purchase The Pines was already secured. He also estimated the cost to renovate would be $20-25 million.
Under the contract, the offer was all-cash, meaning no loan or financing was required to purchase the facility. Bearden and Atlas were required, however, to provide the sellers written third-party documentation that verified there were sufficient funds to close on the deal no later than Monday, Nov. 20.
The names of the sellers were redacted in the contract, but according to county records, The Pines is still owned by James, Thuytien and John Vu. Thuytien is also known as Judy, according to public records and media reports.
The Vus are listed as operators of Cameron Property Tax of Flower Mound, Texas, in a 2020 lawsuit involving Rain Investments, a two-person ownership team of a movie theater at The Pines.
Messages seeking comment were left for Judy Vu. Under contract, the Vus have the right to terminate the sale with written notice to Bearden or Atlas within an unspecified number of calendar days.
Messages were also left for Atlas representatives.