PETAL, MISS. — The Woodmont Co. has broken ground on a new retail strip center spanning nearly 5,000 square feet in Petal, a suburb of Hattiesburg, Miss. Located at 1098 Evelyn Gandy Parkway, the property will house a Starbucks and T-Mobile. The retail center represents Woodmont’s fourth development with Starbucks and first with T-Mobile. Jackson Longley of Woodmont worked to arrange financing through Embree Capital, and Jack Mock of Woodmont represented the developer in the lease negotiations with the national credit tenants. Tony Oswalt with Advanced Building Specialties Inc. will serve as the project’s general contractor. Woodmont plans to open the center in spring 2024.
BWE Arranges $10.6M HUD-Insured Loan for Rehabilitation of Affordable Housing Community in Starkville, Mississippi
STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units are reserved for residents earning up to 60 percent of the area median income (AMI) and are covered by Section 8 project-based vouchers. The borrower, Triangle Development Co., plans to use the funds to add dishwashers, garbage disposals, microwaves and vinyl plank flooring to each unit. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. Triangle Development’s recapitalization of Brookville Gardens also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the Mississippi Home Corp.
PEARL, MISS. — Marshalls will open a new, 21,160-square-foot store at Outlets of Mississippi, a an outlet mall located in Pearl, roughly five miles outside Jackson, Miss. Scheduled to open later this summer and marking the eighth location in the state, the store will be situated in a space formerly occupied by Saks OFF 5TH. Scott Ferguson of FFO Real Estate Advisors oversees leasing at the property, which is part of the 166-acre The Connection mixed-use development. Other tenants at Outlets of Mississippi, which totals 325,000 square feet, include Polo Ralph Lauren Factory Store, Nike Factory, Cole Haan, Coach Outlet, Levi’s, Michael Kors, Gap Factory Store and Under Armour.
HATTIESBURG, MISS. — Franklin Street has arranged the sale of Hattiesburg Climate Controlled Storage, a 404-unit self-storage facility located at 7329 US Highway 98 in Hattiesburg. Mississippi-based Anderson Construction purchased the facility from Atlanta-based Highline Storage Partners for an undisclosed price. Frank DeSalvo and David Perlleshi of Franklin Street’s National Self-Storage Team represented both parties in the transaction. The newly built, climate-controlled facility spans 50,225 rentable square feet and features keyless entry and video surveillance.
Hunt Capital, Intervest to Convert Former Dairy Plant in Tupelo Into 33-Unit Seniors Housing Development
TUPELO, MISS. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at market rates while the other 31 apartments will be restricted to seniors aged 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren Dunn Museum. Intervest is leading the adaptive reuse project and will serve as its property manager upon completion, which is set for July 2023. The design-build team includes general contractor Century Construction Group Inc. and Wallace Architects. Upon completion, Carnation Village will feature a clubhouse, exercise facility, central laundry facility, elevators, walking trails and a butterfly garden. Financing for the project includes $13.3 million in Federal Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) equity financing, as well as $2.5 million in Mississippi Historic Tax Credit equity financing, a $10.9 million loan from Cadence Bank and a $475,000 loan from Financial Institutions Housing Opportunity Pool.
BYHALIA, MISS. — Core5 Industrial Partners has signed Barrett Distribution Centers, a third-party logistics firm, to a full-building lease at I-269 Logistics Center Building D in Byhalia. The Atlanta-based developer delivered the 957,400-square-foot building in December 2022, and Barrett plans to occupy the space this month. Jacque Beeson of CBRE represented the tenant in the lease negotiations. The facility is located on a 70-acre site within the 5 million-square-foot I-269 Logistics Center campus at Highway 302 and I-269 in Marshall County, about 33 miles south of Memphis. Building D features 40-foot clear heights, a 6-inch Ductilcrete slab floor, parking for over 216 trailers and 597 auto parking spaces.
CANTON, MISS. — Hodges Ward Elliott has brokered the sale of an 80-room Hampton Inn hotel located in Canton, about 30 miles north of Jackson, Miss. B.J. Patel, Clint Hodges and Michael Brandes of Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. Built in 2004 along I-55, the Hampton Inn Canton hotel features a business center, outdoor pool, fitness center, complimentary breakfast and connecting rooms.
HATTIESBURG, MISS. — Marcus & Millichap has brokered the sale of Campus Cottages, a 44-unit apartment community located at 119 North 35th St. in Hattiesburg, less than a half-mile from the University of Southern Mississippi. Built in 1967, the community features apartments in one- and two-bedroom layouts. Andrew Jacobs, Josh Jacobs and Royce Emerson of Marcus & Millichap represented the undisclosed seller in the $2.4 million transaction. The buyer was also not disclosed.
GULFPORT, MISS. — Marcus & Millichap has brokered the $4.4 million sale of a Super 8 Motel located in Gulfport along the Gulf of Mexico. Comprising 95 rooms, the property underwent a $1 million renovation in 2021, including installation of a new roof and air conditioning units in 75 rooms, interior and exterior painting and new signage. Ahmed Kabani, Lucas Mondino and Suraj Dalal of Marcus & Millichap represented the seller, an entity doing business as NH Hotel LLC, in the transaction. The team also secured and represented the buyer, Shreeji Hotels LLC, an individual trust. William Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction.
MADISON, MISS. — Newmark has arranged a $30 million construction loan for a new four-story, approximately 99,000-square-foot medical office building development in Madison, about 15 miles north of Jackson, Miss. Jay Miele, John Nero, Ben Appel and Michael Greeley of Newmark’s Healthcare Capital Markets group placed the loan through a regional bank on behalf of the borrower, Boldt Healthcare Real Estate Development. Adam Goss and Ron Ott of Newmark provided transactional support. The healthcare facility will be located on Baptist Memorial Health Care Corp.’s medical campus and is anticipated to be completed in the first quarter of 2024.