REBusinessOnline

Gelt Acquires Eight Self-Storage Facilities in Metro Memphis for $41M

MEMPHIS, TENN. — Gelt Inc. has acquired eight self-storage properties comprising 3,867 units in metro Memphis for $41 million. The portfolio, which totals 490,187 square feet, was 91 percent leased at the time of sale. There are five facilities in Memphis; two in Olive Branch, Miss.; and one in Nesbit, Miss. The single-story properties were built between 1972 and 2006 and feature a mix of drive-up, indoor and climate-controlled units. Portfolio-wide, the unit sizes range from 5 square feet to …

Eldorado Resorts Reopens Three Casinos in Mississippi Today at Limited Capacity

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has reopened Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi. Eldorado will limit the number of guests to no more than 50 percent of the property’s maximum occupancy, in accordance with Mississippi Gaming Commission regulations. The Reno, Nev.-based company temporarily closed the three casinos March 16 in accordance with the Commission’s orders to close casinos due to the COVID-19 outbreak. The …

Dougherty Mortgage Provides $17M Acquisition Loan for Multifamily Community in Biloxi, Mississippi

BILOXI, MISS. — Dougherty Mortgage LLC has provided a $17 million Fannie Mae acquisition loan for The Sound at St. Martin, a 181-unit multifamily community in Biloxi. The property comprises 15 three-story buildings and a single-story clubhouse that were built in 2005 and renovated between 2017 and 2019. Communal amenities include a pool, 24-hour fitness center, grilling areas and a business center. The Sound at St. Martin offers one- and two-bedroom floor plans and is situated at 14801 …

Nissan to Furlough 10,000 Manufacturing Employees in Tennessee, Mississippi Due to Coronavirus

SMYRNA, TENN. AND CANTON, MISS. — Nissan Group of North America will furlough 10,000, hourly manufacturing employees in its Tennessee and Mississippi plants. The decision comes on the heels of the Japanese automaker closing its manufacturing plants in Smyrna and Canton until at least the end of April due to the coronavirus pandemic. The plant in Smyrna is located 27 miles southeast of downtown Nashville. The plant produces 640,000 vehicles annually and employs 7,250 workers. The plant in …

Greystone Provides Two HUD Refinancing Loans for Seniors Housing Properties Near Memphis Totaling $29.4M

GERMANTOWN, TENN. AND OLIVE BRANCH, MISS. — Greystone has provided two HUD refinancing loans to the same borrower for seniors housing communities in Germantown and Olive Branch. The loans total $29.4 million. The undisclosed borrower took out a $12.2 million loan for Germantown Plantation Senior Living, a 106-unit assisted living facility situated at 9293 Poplar Ave., 21 miles east of downtown Memphis. The other property is Silvercreek Senior Living Community, which is located at 6630 …

Eldorado Resorts Temporarily Closes Three Casinos in Mississippi

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has temporarily closed Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi, due to the worldwide COVID-19 outbreak. The Reno, Nev.-based company said in a press release that the closures are in accordance with the Mississippi Gaming Commission order to shut down operations as of midnight local time, March 16. Eldorado agreed to sell Lady Luck last summer to Twin River Worldwide. The sale is expected to …

JLL Arranges Sale of 504-Bed Student Housing Community Near Mississippi State University

STARKVILLE, MISS. — JLL has arranged the sale of Lakeside Student Living, a 504-bed student housing community located near the Mississippi State University campus in Starkville. The property opened in 2006 and features a mix of studio, one-, two- and four-bedroom, fully furnished units. Community amenities include a fitness complex, swimming pool, volleyball court, hammock beach, computer lab and private study lounges. Scott Clifton, Stewart Hayes and Barry Brown of JLL represented the …

Berkadia Arranges Sale of 288-Unit The Met Apartments in Hattiesburg, Mississippi

HATTIESBURG, MISS. — Berkadia has arranged the sale of The Met Apartments, a 288-unit multifamily property in Hattiesburg, approximately 70 miles north of the Mississippi Gulf Coast. David Oakley, David Wilson, Jay Briley and Gregg Cordaro of Berkadia completed the sale on behalf of the seller, Texas-based NNI Development. Mississippi-based Heritage Properties Inc. bought the property for an undisclosed amount. Located at 27 Lake Forgetful, The Met Apartments was completed in 2018. The …

Boulder Group Arranges $1.6M Sale of Mississippi Store Leased to Dollar General

QUITMAN, MISS. — Investment real estate service firm The Boulder Group has arranged the $1.6 million sale of a single-tenant store leased to Dollar General located at 403 S. Archusa Ave. in Quitman, 25 miles south of Meridian. The 12,596-square-foot property is located along Mississippi Highway 18. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a commercial real estate investment firm based in the Southwest United States, in the transaction. The buyer, a …

CBRE Global Investors Acquires Two Industrial Properties Near Memphis Totaling 1.8 MSF

OLIVE BRANCH AND BYHALIA, MISS. — A fund sponsored by CBRE Global Investors has acquired two fully leased industrial properties in the metro Memphis area. The first property is located along Interstate 22 at 8331 Frontage Road in Olive Branch, about 15 miles from Memphis. The 815,050-square-foot building was built in 2018 and is fully leased through 2029 by a leading supplier of personal protective equipment. The cross-dock warehouse features 36-foot clear heights, 185-foot truck courts, …

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