REBusinessOnline

Trammell Crow to Develop 700,000 SF Amazon Fulfillment Center Near Jackson, Mississippi

CANTON, MISS. — Trammell Crow Co. will develop a 700,000-square-foot Amazon robotics fulfillment center in Canton, about 26 miles north of Jackson along Interstate 55. The project is expected to house 1,000 employees who will pick, pack and ship small items such as books, electronics and toys to customers. This will be the third fulfillment center in the Magnolia State but the first to incorporate Amazon’s robotics technology. The Seattle-based e-commerce giant opened its first Mississippi …

Gulf Coast Housing, South Mississippi Housing Break Ground on Multifamily Redevelopment Project in Gulfport

GULFPORT, MISS. — Gulf Coast Housing Partnership (GCHP) and South Mississippi Housing & Development Corp. (SMHD) have broken ground on the redevelopment of North Park Estates in Gulfport. Phase I of the redevelopment will include demolishing 92 units, 31 of which are uninhabitable, according to the developers. SMHD and GCHP expect to deliver Phase I in summer 2021. The units will be reserved for residents earning at or below 60 percent of the area median income (AMI). North Park Estates …

SRS Brokers $6.3M Sale of Walgreens-Occupied Property in Jackson, Mississippi

JACKSON, MISS. — SRS Real Estate Partners has arranged the $6.3 million sale of a single-tenant retail property triple-net leased to Walgreens in Jackson. The 14,550-square-foot building spans 1.7 acres and was built in 2015. There are 15 years remaining on the corporate-guaranteed lease. The Walgreens is situated at 310 Meadowbrook Road, four miles north of downtown Jackson. Matthew Mousavi, Patrick Luther and Parker Walter of SRS represented the seller, an undisclosed family office …

Universal Music, Dakia U-Ventures Plan $1.2B Entertainment Destination in Biloxi

BILOXI, MISS. — A joint venture between California-based Universal Music Group (UMG) and hospitality investment firm Dakia U-Ventures has unveiled plans for a $1.2 billion hotel and music-themed entertainment destination in the coastal Mississippi city of Biloxi.The new development will be the first of the joint venture’s UMUSIC Hotels, with additional locations coming to Atlanta and Orlando. Each hotel and entertainment district is designed to educate guests on the city’s musical …

NAI UCR Properties Negotiates Land Sale in Jackson, Buyer Plans $40M Mixed-Use Project

JACKSON, MISS. — NAI UCR Properties has negotiated the sale of a 1-acre parcel located at 629 Fondren Place and 2820 N. State St. in Jackson. The buyer, Wealth Hospitality Group doing business as entity Fondren Landing LLC, is planning to develop Fondren Landing, a $40 million mixed-use project that will include apartment units, retail space and condominiums. The site is located three miles north of downtown Jackson. A timeline for construction was not disclosed, although local news outlet …

Jackson’s Industrial Market Doesn’t Miss a Beat During COVID-19 Pandemic

Like most markets, regardless of sector, Jackson experienced a moment in time when deals were shelved due to the coronavirus pandemic. However, the industrial market in Jackson tells a different story in the early innings of COVID-19. While most deals were put on hold for several weeks in early April to mid-May, we saw activity pick up with users signing leases, contracting on vacant buildings and resuming due diligence timelines for land purchases, all without any repricing or discount. These …

SRS Negotiates Sale of 60,835 SF Retail Property in Starkville, Mississippi

STARKVILLE, MISS. — SRS Real Estate Partners has negotiated the sale of a 60,835-square-foot retail property in Starkville. Vowell’s Marketplace, a regional grocery store, fully occupies the building with two years remaining on its corporate-guaranteed lease. The property was built in 1992 and is located at 118 Mississippi Highway 112, less than one mile from downtown Starkville and less than two miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi, Patrick …

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 …

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