REBusinessOnline

Memphis is Well-Established for Industrial Owners and Users to Win

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 …

Kushner Acquires Clare Apartments in Southaven, Mississippi for $45.1M

SOUTHAVEN, MISS. — Kushner has acquired The Clare Apartments, a 352-unit multifamily community in Southaven, for $45.1 million. The seller was not disclosed. Newmark was the broker for the transaction.Situated less than 18 miles from downtown Memphis, Clare is centrally located between Northwest Mississippi Community College, Tanger Outlets Southaven and Landers Center. The property will be rebranded as Southaven Pointe. Community amenities include a swimming pool, tennis court, …

JLL Brokers Sale of 328,355 SF Distribution Facility Near Memphis Leased to Toshiba

HORN LAKE, MISS. — JLL has brokered the sale of DeSoto A2, a 328,355-square-foot bulk distribution facility in Horn Lake. The facility is triple-net-leased to Toshiba, a Tokyo-based computer and electronics retailer company.Dennis Mitchell, Matt Wirth, Britton Burdette, Jim Freeman, Mitchell Townsend and Jack Wohrman of JLL represented the seller, Preylock Holdings, in the transaction. Bixby Land Co. purchased the property for an undisclosed price.DeSoto A2 is part of DeSoto 55 …

Knighthead Funding Provides $12.1M Refinancing for Two Marriott Hotels Near Memphis

SOUTHAVEN, MISS. — Knighthead Funding LLC has provided a $12.1 million first mortgage loan to refinance two adjacent Marriott-branded hotels in the Memphis submarket of Southaven. The undisclosed borrower will use proceeds from the three-year, non-recourse loan to take out a maturing CMBS loan. The properties include a 78-room Residence Inn by Marriott located at 7165 Sleepy Hollow Drive and an 85-room Courtyard by Marriott located at 7225 Sleepy Hollow Drive.Located along Interstate 55, …

Kushner Cos. Purchases Four-Property Multifamily Portfolio in Jackson

JACKSON, MISS. — Kushner Cos. has purchased a four-property residential portfolio in Jackson for an undisclosed price. Blake Pera, Tommy Bronson III, Bo Flurry and Gray Fiser of Newmark represented the seller, MAA, a publicly traded REIT.Additionally, Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Issa Abbassi of Newmark arranged an undisclosed amount of acquisition financing on behalf of Kushner Cos., a New York City-based real estate developer and owner.The portfolio spans more …

Newmark Arranges $16.5M Sale of 366-Bed Student Housing Community Near Ole Miss

OXFORD, MISS. — Newmark has arranged the $16.5 million sale of Lafayette Place, a 366-bed student housing community located at 1711 Anderson Road near the University of Mississippi campus in Oxford.The community offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, resort-style saltwater pool, an outdoor grilling area, a beach volleyball court, 24-hour computer lab with study areas, and a fully-equipped 24-hour fitness center.Renovations were …

DLP Real Estate Capital Acquires 234-Unit Lafayette Place Apartments in Oxford, Mississippi

OXFORD, MISS. — DLP Real Estate Capital has acquired Lafayette Place, a 234-unit multifamily property located in Oxford. Lafayette Place has been renamed as DREAM Oxford. The sales price and seller were not disclosed.Built in 2009, Lafayette Place is located less than one mile from the University of Mississippi campus. The community sits on 9.3 acres and includes both one- and two-bedroom units with an average size of 723 square feet. Community amenities include a resort-style saltwater …

Core5 to Develop 957,400 SF Industrial Building Near Memphis

MARSHALL COUNTY, MISS. — Core5 Industrial Partners plans to develop I-269 Logistics Center, a five-building industrial park in Marshall County totaling 3 million square feet. The Atlanta-based developer acquired 221 acres of fully entitled land located at Highway 302 and Interstate 269 in the Mississippi suburbs of Memphis.Core5 plans to break ground soon on I-269 Industrial Park Building D, a 957,400-square-foot cross-dock facility that is expandable to 1.7 million square feet. Delivery …

Palomar Group Arranges Sale of Delchamps Plaza Retail Center in Columbus, Mississippi

COLUMBUS, MISS. — The Palomar Group has brokered the $1.7 million sale of Delchamps Plaza, an 18,870-square-foot retail center in Columbus. The buyer was an undisclosed regional shopping center owner, and the seller was an investment group based in New York. The Palomar Group represented the seller, and the buyer did not have representation.Located at 1801 Highway 45 N, Delchamps Plaza was 100 percent leased at the time of sale to tenants including Pizza Hut, Weight Watchers and Sally …

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles.Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights …

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