HORN LAKE, MISS. — Berkadia has arranged the sale of Mallard Creek Apartments, a multifamily community located at 7197 Mallard Creek Drive in Horn Lake, a Mississippi town situated 20 miles south of Memphis. Memphis-based WI Memphis acquired the property from North Kansas City, Mo.-based Maxus Realty Trust for an undisclosed price. Built in 1998, the property features 144 units in a mix of one-, two- and three-bedroom floorplans, all equipped with modern kitchens with white appliances, faux-wood flooring, washer/dryer hookups, patios or balconies, carpeting, walk-in closets and large bathrooms with a soaking tub. Communities amenities includes a swimming pool, professional landscaping and a playground. Patrick Jordan, Michael Sullivan, David Oakley and Alex Blagojevich of Berkadia represented the seller in the deal. The transaction included the assumption of a HUD 223(a)(7) loan.
HATTIESBURG, MISS. — MLK Real Estate Capital has arranged $6.3 million in permanent financing on behalf of Keystone Equities LLC for the value-add acquisition of Villa Trace Apartments, the first acquisition for the New York-based investor. Located at 3 Courtland Drive in Hattiesburg, the 114-unit, garden-style property was built in 2003. Ryan Goldstein of MLK originated the deal, while MLK’s Ryan Carlson executed the financing transaction.
JACKSON, MISS. — KeyBank Real Estate Capital has provided a $30.6 million Fannie Mae loan for the acquisition of The District Lofts, a 261-unit apartment community in Jackson. Chris Black and Caleb Marten of KeyBank originated the 10-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed. Constructed in 2017, The District Lofts features a saltwater pool with sundeck, outdoor kitchens, outdoor fireplace, bocce ball court, fitness center, coffee bar, indoor pet spa and a covered parking deck.
RIDGELAND, MISS. — Balfour Beatty Communities, through a joint venture with ApexOne Investment Partners, has acquired Lexington Apartments in Ridgeland for an undisclosed price. The 220-unit community, constructed in 2000, is located roughly 12 miles north of Jackson. The new ownership will rename the community Ridgeland Place and implement a series of capital improvements including upgrades to unit interiors and enhancements to the amenity package. The property includes a mix of one- to three bedroom units and features private outdoor areas, a swimming pool, fitness center and a playground.
It’s safe to say that the Jackson MSA, as a whole, responds slower to national trends than the vast majority of markets in the United States. In regards to the economic recovery, Jackson is about two years behind the national economy post-recession. The retail market is just now moving from the recovery phase and into the expansion phase of its growth cycle, which is evidenced by decreasing vacancy rates and stabilizing lease rates. A limited amount of new construction has been a main driver for absorption in this area. There is approximately 35 million square feet of retail inventory in the Jackson MSA, with a moderate amount of new construction scheduled to deliver in the next 12 months. The first phase of expansion for the retail market is beginning to occur and is expected to gain in strength over the next 12 to 18 months. From an investment sales standpoint, Jackson has seen continued interest and stable transaction velocity from local and national retail investors in the last 12 to 24 months. As cap rates have compressed nationally, investors have continued to look to tertiary markets like Jackson in search of higher yields. The current going-in cap rate for acquisitions …
JACKSON AND VICKSBURG, MISS. — Colliers International has brokered the $42.9 million sale-leaseback of two medical office buildings in Mississippi. Combining for 91,526 square feet, the two assets are triple-net leased by a single tenant, GI Associates & Endoscopy Center. The facilities include GI Associates’ headquarters facility in Jackson and its satellite office located in Vicksburg. Josh Randolph of Colliers International’s Birmingham, Ala., office represented GI Associates in the sale. The buyer was not disclosed.
HATTIESBURG, MISS. — Sina Cos. has broken ground on a new medical office building for the Hattiesburg Clinic in Hattiesburg. The 57,221-square-foot Orthopaedic & Sports Medicine facility will be the second property developed for the clinic, following the development of Women’s Center at 28th Place in 2006. The new facility will house clinical practice space for 14 orthopedic providers, a 9,000-square-foot physical therapy suite, community conference center and an imaging suite. In addition, the building will be connected to a 14,310-square-foot indoor sports center with weight systems, a half-court basketball court, batting cage and a partial turf football field that opens to an exterior natural turf field. MSTSD Architects is designing the project, and Freese-Johnson is the general contractor. Sina expects to wrap up construction on the facility in April 2019. Hattiesburg Clinic is a physician-owned, multi-specialty practice with more than 350 providers serving 19 counties across southern Mississippi.
COLLEGE PARK, MD. — Finmarc Management Inc. has acquired the Stone Mountain Industrial campus in College Park for $6.2 million. The three-building campus, located at 9207 51st Ave., is roughly nine miles north of Washington, D.C., and less than two miles from the University of Maryland. Stone Mountain Industrial campus comprises 115,000 square feet of industrial, manufacturing and office space. Christopher Kubler and Alan Coppola of NAI KLNB arranged the transaction on behalf of Finmarc. The name of the seller was not disclosed. The warehouse building at the property features 18-foot ceiling heights, and the manufacturing building offers 17-foot ceiling heights. Finmarc is considering multiple uses for the property, including maintaining its status as industrial or rezoning the site to support a townhouse development, according to a release. A small portion of the campus is already zoned for residential.
RIDGELAND, MISS. — Concord Capital LLC has acquired the 600 Concourse Building, a 73,000-square-foot, Class A office building located at 1076 Highland Colony Parkway in Ridgeland, roughly 11 miles north of Jackson. Constructed in 2007, the building is home to tenants such as law firm Copeland Cook Taylor & Bush, Feild Cooperative Association, First Commercial Bank and Carroll Bufkin Law Firm. Duckworth Realty Inc. — which is operated by Concord Capital principals — will manage the property and handle the building’s leasing assignment. Robert Hutchinson of Butler Snow LLP arranged the transaction on behalf of Concord, and Copeland Cook Taylor & Bush advised the undisclosed seller. The sales price was not disclosed. Origin Bank provided acquisition financing for the transaction.
ATLANTA — The Atlanta office of Cushman & Wakefield has secured the $108.6 million refinancing of a 2.2 million-square-foot, eight-property industrial portfolio located across the United States. Mike Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, Industrial Properties America III LLC, a joint venture between IDI Logistics and institutional investors advised by J.P. Morgan Asset Management. The portfolio includes 2124 Skyview Drive in Lithia Springs, Ga.; 11600 Miramar Parkway in Miramar, Fla.; 2501 S.W. 160th Ave. in Miramar; and 8425 Airways Blvd. in Southhaven, Miss. The other properties are located in Illinois, Ohio, Texas and California. At the time of sale, the portfolio was fully leased to 23 tenants.