OXFORD, MISS. — CBRE has arranged the sale of The Chancellor’s House, a 38-room boutique hotel in Oxford, to Nashville-based BNA Associates LLC. Natalie Castillo, Austin LaPoten and John Lamberson Jr. of CBRE represented the seller, an entity doing business as Chancellor House LLC. Built in 2017, The Chancellor’s House hotel offers two full-service restaurants, a lounge with an outdoor patio, rooftop and more than 2,800 square feet of meeting space. Located at 425 South Lamar Blvd., the property is situated less than one mile from the University of Mississippi and is just south of The University-Oxford Airport.
STARKVILLE, MISS. — Miami-based Centurion Property Group has purchased Aspen Starkville, a 958-bed student housing community located near Mississippi State University. Built in 2014, Aspen Starkville offers two-, three-, four- and five-bedroom, cottage-style floorplans with bed-to-bath parity. Community amenities include a swimming pool, basketball court, sand volleyball court, fitness center, yoga room, game room and a movie theater. The property will be rebranded The Grand at Starkville and is set to undergo capital improvements, including the addition of a new pet park and hammock garden, updated flooring and the addition of smart TVs. Located at 2041 Blackjack Road, the property is situated 2.2 miles from Mississippi State University and three miles from downtown Starkville.
GRENADA, MISS. — Stan Johnson Co. has arranged the sale of a single-tenant, 288,000-square-foot industrial facility in Grenada. Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, an Illinois-based industrial developer, Agracel Inc. The buyer, a Dallas, Texas-based REIT, purchased the property for approximately $21.3 million. The property is leased to Advanced Distributors Products (ADP), a producer of residential evaporator coils. The industrial facility serves as the distribution center for the tenant’s manufacturing plant, which is located less than one mile east of the property. Originally built in 2017 as an 84,000-square-foot warehouse, the property was expanded by 70 percent to its current size. Prior to leasing the property, ADP was using part of its neighboring 379,000-square-foot manufacturing facility for warehouse and distribution space. The tenant spent approximately $20 million moving into the new distribution center and repurposing the existing facility into a full manufacturing plant. Adjacent industrial park tenants include Novipax, Resolute Forest Products, Ice Industries and Averitt. Located at 445 American Way, the property has access to Interstate 55, the Grenada Municipal Airport and the Grenada Railroad.
STARKVILLE, MISS. — Colliers has arranged the sale of The Vista, a 309-unit, 820-bed student housing development located less than a mile from Mississippi State University in Starkville. Atlanta-based Student Quarters purchased the newly built property from Fenton, Mich.-based IMS Properties for an undisclosed price. Sean Baird and Jonathan Holt of Colliers facilitated the transaction. Developed by IMS Properties in 2020, The Vista offers one-, two-, three-, four- and five-bedroom floorplan options. Community amenities include a saltwater pool and poolside cabanas, 24-hour athletic club, dog park, yoga studio, game room, electric vehicle charging stations and a lounge. The property also features 5,137 square feet of ground-floor retail space. Located at 705 University Drive, the property is situated a half-mile from Davis Wade Stadium, the home arena of the Mississippi State Bulldogs football team. The property is also located close to restaurants such as Two Brothers Smoked Meats, The Dapper Doughnut, NutriGroove, Bulldog Burger Co. Starkville and Starkvegas Snowballs.
OXFORD, MISS. — MCR, which has offices in New York City, Dallas, Chicago and Richmond, has acquired the Courtyard by Marriott Oxford in Oxford, near the University of Mississippi’s campus. The property is MCR’s first hotel in the state. The sales price and seller were not disclosed. The Courtyard by Marriott Oxford offers 121 guestrooms and suites. The property has 18 suites, including the Loft, which is a duplex with a private patio and wet bar, and the Presidential, a two-bedroom pad with sitting and dining areas. The property’s guestrooms include a microwave, mini refrigerator and Wi-Fi. The hotel amenities include a fitness center, indoor pool, 24-hour sundry shop, 24-hour business center and complimentary parking. Food and beverage options include The Bistro, which serves breakfast, dinner and specialty beverages, and the Green Roof Lounge, a rooftop bar serving cocktails and food with views of the Vaught-Hemingway Stadium. Located at 305 Jackson Ave. E., the Courtyard by Marriott Oxford is situated within walking distance from the University of Mississippi and the Burns-Belfry Museum and Multicultural Center. The property is also situated near The Square, Oxford’s downtown district that has over 70 restaurants, museums, art galleries and shops. Nearby retailers include Frutta …
MEMPHIS, TENN. AND SOUTHAVEN, MISS. — Newton, Mass.-based Industrial Logistics Properties Trust, managed by The RMR Group, has purchased a portfolio of three industrial properties in the Memphis area for a total of $100 million. The three properties span a combined 1.3 million square feet. Casey Masters and Stewart Calhoun of Cushman & Wakefield brokered the transaction. The seller(s) was not disclosed. One of the properties includes a 246,564-square-foot industrial asset located at 481 Airport Industrial Drive in Southaven. The property was built in 2008 and includes 193 auto parking spaces and 40 trailer parking spaces. The next property was a 602,500-square-foot industrial asset located at 8474 Market Place Drive in Southaven. Built in 2004, the property features 251 auto parking spaces. Lastly, there was a 437,940-square-foot property situated at 6380 E. Holmes Road in Memphis. The property was built in 2004 and includes 767 auto parking spaces and 70 trailer parking spaces. The buildings were fully leased to five tenants at the time of sale. Additionally, the properties are located near several highways such as Interstates 69 and 78.
SOUTHAVEN, MISS. — JLL Capital Markets has arranged the sale of Southaven Distribution Center I, a fully leased, 156,825-square-foot, Class A distribution facility in Southaven, a Memphis suburb situated on the Tennessee-Mississippi border. Completed in 2020, Southaven Distribution Center I features tilt-wall construction, 32-foot clear heights, 28 loading positions, ESFR fire protection and office space. The property was fully leased to three tenants at the time of sale. Dennis Mitchell, Matt Wirth, Britton Burdette, Mitchell Townsend and Jack Wohrman of JLL represented the seller, Distribution Realty Group, which has offices in Chicago and Nashville. Newport Beach, Calif.-based Bixby Land Co. acquired the property for an undisclosed price. Located on 8.7 acres at 8921 Airways Blvd., Southaven Distribution Center I is situated just off Interstate 55 near Memphis International Airport.
RIDGELAND, MISS. — Concord Capital LLC has acquired a 58 percent controlling interest in 300 Concourse, a 75,000-square-foot, three-story office building in Ridgeland. First National Bankers Bank, Glacier Holdings LLC and FEI Building LLC sold their stakes to Concord Capital for an undisclosed price. Concord Capital purchased three of the office building’s five condominiums. Located at 300 Concourse Blvd., 300 Concourse is situated within Colony Park, a 430-acre, mixed-use property with four office campuses, a 95-acre neighborhood development, two hotels and a 500,000-square-foot retail center. Built in 2007, 300 Concourse includes tenants such as Hub International, an insurance brokerage company, Wells Marble & Hurst, a law firm and First National Bankers Bank, a commercial bank. Concord Capital is the acquisition and development arm for commercial real estate industry veterans Breck Hines, Ted Duckworth and John Michael Holtmann. Concord and its affiliates also own the 200, 400 and 600 Concourse buildings. With the acquisition of 300 Concourse, the company’s total owned square footage in the Colony Park development spans 237,000 square feet. Leigh Pace of Hancock Whitney Bank originated acquisition financing, and Robert Hutchison of Butler Snow LLP provided legal counsel for Concord Capital in the transaction.
Fueled by the acceleration of e-commerce amid the COVID-19 pandemic, the Memphis industrial market’s record-setting momentum continued into the first half of the year. Demand fundamentals are the strongest they’ve ever been, with lease transaction volume at mid-year exceeding 12.2 million square feet for the second year in a row and total market direct net absorption reaching an unprecedented 5.3 million square feet. To put these numbers in perspective, lease transaction volume and direct absorption through June of pre-pandemic years averaged 5.8 million square feet and 1.6 million square feet, respectively. The market’s direct vacancy rate has hovered around 6.5 percent since the end of 2019, an impressive feat given the exceptional amount of speculative product that has been added to inventory over the past year and a half. New to the market The region’s central location, complemented by its world-class transportation infrastructure and low rental rates, make Memphis an attractive option for industrial users. Notable deals that have occurred since the beginning of 2020 include Milwaukee Tool’s 1.1 million-square-foot lease at I-269 Industrial Park, as well as two new Amazon leases totaling nearly 2 million square feet, growing the e-commerce giant’s Memphis-area footprint to more than 6.7 million square …
Momentum in the local industrial market has been maintained because of Memphis’ world-class infrastructure offering the “four Rs” of transportation: river, road, rail and runway. Thanks to Memphis’ central location, truck freight can reach 65 percent of the nation’s population in 24 hours. The Port of Memphis is the fifth-largest inland port in the United States and an east-west highway spans the width of the country. As home to FedEx Global Headquarters and a UPS hub, Memphis International Airport surpassed Hong Kong International Airport this year as the busiest cargo airport in the world. The direct vacancy rate of the metro industrial market went from 6.5 percent in 2020 to 4.8 percent by mid-2021. Currently, there is 13.7 million square feet of inventory under construction with over 75 percent of it being speculative. The demand and recent growth continue to improve in 2021. Net absorption is above 5.3 million square feet with tenants like Yeti, Walgreens, Hamilton Beach and Amazon moving into new facilities mid-year. Rents have also continued to rise faster than the national average in many years. The average rent growth over the past 12 months is 6.9 percent, or $4 per square foot. Large preleased facilities are …