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Mississippi

AcquisitionsMississippiSoutheastStudent Housing

TSB Realty Brokers Sale of 802-Bed Student Housing Community Near Mississippi State University

by John Nelson

STARKVILLE, MISS. — TSB Realty has brokered the sale of HELiX Starkville, an 802-bed student housing community located near the Mississippi State University (MSU) campus in Starkville. Columbus Pacific sold the property to a joint venture between Pumphouse Residential Group and WeldenField for an undisclosed price. SPM, an affiliate of PRG and WeldenField, will provide comprehensive property and construction management services for the community. Delivered in 2016, HELiX Starkville offers fully furnished units in a mix of one-, two- and four-bedroom floorplans on the southeastern edge of the MSU campus. Amenities include a two-story fitness center, resort-style pool, clubhouse with billiards, study enclaves and community TVs, tanning, gaming and coffee lounges and an outdoor grilling area. The property was 95 percent occupied at the time of sale.

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HealthcareLoansMississippiSoutheast

MMCC Arranges $13.3M Refinancing for Emergency Hospital in Batesville, Mississippi

by John Nelson

BATESVILLE, MISS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.3 million loan for the refinancing of Progressive Health of Batesville, a rural emergency hospital located at 303 Medical Center Drive in Batesville, a city in northern Mississippi. The full-service hospital offers emergency medicine, surgery, women’s health, children’s health, intensive outpatient care, outpatient radiology, rehabilitation and wound care services. Steven Rock of MMCC’s Westchester, N.Y., office secured the financing with a national credit union service organization on behalf of the borrower, a national investment company that invests in credit tenant, double-net and triple-net lease properties. The five-year loan includes an 8.5 percent interest rate with a 30-year amortization period and a 75 percent loan-to-value ratio.

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Affordable HousingDevelopmentMississippiMultifamilySeniors HousingSoutheast

Gulf Coast Housing, Midtown Partners to Open Affordable Housing Property in Jackson, Mississippi

by John Nelson

JACKSON, MISS. — Gulf Coast Housing Partnership (GCHP) and local nonprofit organization Midtown Partners Inc. plan to open Noel Place, a 27-unit affordable housing community located at 144 Noel St. in Jackson. Set to officially open tomorrow in a ribbon-cutting ceremony with partners and local dignitaries, about 60 percent of Noel Place’s apartments will be reserved for special needs residents, including people with disabilities and senior citizens. Federal Home Loan Bank of Dallas and BankPlus awarded GCHP with a $499,000 grant to help fund construction of Noel Place. Other partners include Mississippi Home Corp. and Mississippi Regional Housing Authority No. VI.

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DevelopmentMississippiSoutheastStudent Housing

HPM Tops Out 412-Bed Residence Hall at Mississippi State University in Starkville

by John Nelson

STARKVILLE, MISS. — HPM has topped out Azalea Hall, a new five-story residence hall on the campus of Mississippi State University  in Starkville. Construction began on the 412-bed project in 2023 and is slated to deliver ahead of the 2025-2026 school year. Units at Azalea Hall will come in pod-style configurations with shared bathrooms and common areas. The building will also feature a living and learning community for students in the Luckyday Scholars Program that has a dedicated study area and classroom space, as well as a new dining hall with indoor and outdoor seating. Azalea Hall will also feature a storm shelter that can be used for meeting or classroom space as needed. HPM is serving as the construction manager and advisor to the University of Mississippi, which represents the first partnership between the two entities. Additional project partners include architect WBA Architecture, general contractor Roy Anderson Corp., mechanical engineer GSK Mechanical and electrical engineer The Power Source.

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AcquisitionsIndustrialMississippiSoutheast

JLL Brokers Sale of 589,000 SF Industrial Portfolio in Metro Memphis

by John Nelson

SOUTHAVEN AND OLIVE BRANCH, MISS. — JLL Capital Markets has brokered the sale of two distribution centers totaling 589,598 square feet in the Mississippi suburbs of metro Memphis. The properties include Stateline Building K in Southaven and Crossroads Building L in Olive Branch. Tulsa-based real estate firm Sealy & Co. was the buyer. The sales price was not disclosed. Motivational Fulfillment & Logistics Services leases the 347,604-square-foot Stateline K facility, and American Music Supply occupies the 241,994-square-foot Crossroads L property. Both assets feature 32-foot clear heights, ESFR sprinkler systems, parking spaces and flexible layouts to accommodate single or multi-tenant uses. Matt Wirth, Britton Burdette, Dennis Mirtchell and Jim Freeman of JLL represented the seller, IDI Logistics LLC, in the transaction. Jack Wohrman of JLL handles leasing efforts for the property.

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DevelopmentMississippiRestaurantRetailSoutheast

Topgolf to Open First Mississippi Venue Tomorrow in Ridgeland

by John Nelson

RIDGELAND, MISS. — Topgolf will open its first venue in Mississippi, Topgolf Ridgeland, tomorrow in Ridgeland, which is approximately 11 miles north of downtown Jackson. Topgolf Ridgeland will feature 62 outdoor, climate-controlled hitting bays spanning two levels. Each bay has lounge-type furniture or high-top tables for large or small groups. In addition to signature gameplay, Topgolf Ridgeland will feature a brand new nine-hole mini-golf course and a full-service bar and restaurant. A Topgolf Callaway Brands Corp. brand, Dallas-based Topgolf operates more than 100 outdoor venues around the globe. The Ridgeland venue will mark Topgolf’s 108th location globally.

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AcquisitionsLoansMississippiRetailSoutheast

MMCC Arranges $3.5M Acquisition Loan for Shopping Center in Clinton, Mississippi

by John Nelson

CLINTON, MISS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.5 million acquisition loan for Clinton Plaza, a 97,000-square-foot shopping center located at 200 Clinton Blvd. in Clinton, about 12 miles west of Jackson. The tenant roster includes Big Lots, Family Dollar and Beauty Zone. David Johnson of MMCC’s Atlanta office arranged the loan through CRE Bridge Equity on behalf of the undisclosed borrower. The seller and sales price for Clinton Plaza was not disclosed.

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AcquisitionsMississippiSelf-StorageSoutheastTennessee

Gelt Ventures Sells 3,999-Unit Self-Storage Portfolio in Tennessee and Mississippi

by John Nelson

LOS ANGELES — Gelt Ventures LLC has sold an eight-property self-storage portfolio in Tennessee and Mississippi totaling 3,999 units. The facilities are mostly situated in the metro Memphis market, with five assets in Memphis, two in Olive Branch, Miss., and one in Nesbit, Miss. Canadian-based investor Minimal Storage Properties purchased the 487,000-square-foot portfolio for an undisclosed price. Gelt Ventures originally acquired the portfolio in June 2020 for $41 million. The single-story properties were built between 1972 and 2006 and feature commercial office space, manager’s apartments and a mix of drive-up, indoor and climate-controlled units averaging 141 square feet in size. During its ownership period, Los Angeles-based Gelt Ventures carried out capital improvements on the self-storage assets, improved the tenant mix and implemented a revenue management strategy.

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AcquisitionsGeorgiaHospitalityMississippiSoutheast

JLL Negotiates Sale of Three Hotels in Metro Memphis, Atlanta Totaling $36M

by John Nelson

SOUTHAVEN, MISS. AND BUFORD, GA. — JLL has negotiated the $25 million sale of a hotel portfolio in the Memphis suburb of Southaven, as well as the $11 million sale of a hotel in Buford. The properties included the Courtyard Memphis Southaven (85 rooms), the Residence Inn Southaven (78 rooms) and the Fairfield Inn & Suites Buford (94 rooms). C.J. Kelly and Bobby Norwood of JLL represented the buyer, Woodvale Opportunity Fund I, in the transaction. The seller was Chartwell Hospitality.

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LoansMississippiSoutheastStudent Housing

Seven Hills Realty Trust Provides $42M Refinancing for Student Housing Property Near Ole Miss

by John Nelson

OXFORD, MISS. — Seven Hills Realty Trust has provided a $42 million bridge loan for the refinancing of The Domain at Oxford, a 642-bed student housing property located near the University of Mississippi. Newmark arranged the three-year loan on behalf of the borrower, Sausalito, Calif.-based Shore to Shore Properties Inc. The loan features two one-year extension options. Located at 2002 Oxford Way, The Domain features 216 one-, two- and four-bedroom apartments, each furnished with a 43-inch TV. According to Apartments.com, the gated community was built in 2016 and features an onsite property manager and maintenance team, valet trash pickup, package retrieval services, campus shuttle and community-wide Wi-Fi. Community amenities include a resort-style pool, business center, clubhouse, fitness center, conference rooms, a tanning salon, movie theater, basketball and volleyball court and a game room. Tremont Realty Capital manages Seven Hills Realty Trust.

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