OLIVE BRANCH, MISS. — IDI Gazeley plans to develop two industrial facilities totaling nearly 2 million square feet within Crossroads Distribution Center in Olive Branch, a Mississippi suburb of Memphis. IDI Gazeley has broken ground on Building I for an expected November delivery. The next facility, Building J, is slated to span nearly 1.1 million square feet and is scheduled to start construction in mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square feet of logistics space. Building I will feature a Ductilcrete floor slab and paving, 36-foot clear heights, R-19 roof insulation and a white TPO roof. JLL will be the listing agent for Crossroads I. IDI Gazeley has over 27 million square feet developed in the metro Memphis market.
MISSISSSAUGA, ONTARIO — R&R Real Estate Investment Trust (R&R REIT) has agreed to acquire a portfolio of nine extended stay hotels in the Southeast and Midwest totaling 1,020 rooms for an aggregate purchase price of $35 million. The properties are currently owned and operated by entities controlled by R&R REIT’s Majid Mangalji and Michael Klingher. Five of the hotels operate under the HomeTowne Studios brand, and the remaining four operate under the HomeTowne Suites brand. The properties are located in Kentucky, Georgia, Mississippi, Arkansas, Louisiana, Alabama, Illinois and South Carolina. Blake, Cassels & Graydon LLP and Greenberg Traurig LLP acted as legal counsel to the REIT, and Raymond James Ltd. acted as financial advisor to the special committee charged with approving the portfolio acquisition. Following the closing of the acquisition, the REIT’s portfolio will comprise 10 hotels located in nine states.
ROBINSONVILLE, MISS. — Penn National Gaming Inc., a Pennsylvania-based racetrack and casino operator, has entered into a deal to acquire Bally’s Casino Tunica and Resorts Casino Tunica for $44 million in cash, according to the Memphis Business Journal. Bally’s Casino Tunica features a 40,000-square-foot casino and a 238-room hotel; Resorts Casino Tunica features a 35,000-square-foot casino and a 201-room hotel. Both properties are located in Robinsonville, Miss., approximately 30 miles southwest of Memphis.
DESOTO COUNTY, MISS. — Atlanta-based Core5 Industrial Partners has acquired a 173-acre land site to develop DeSoto 55 Logistics Center, a 2.5 million-square-foot business and logistics park in DeSoto County, located just across the state border from Memphis, Tenn. Anticipated development costs will exceed $125 million, according to a news release from the developer. Core5 will immediately begin construction on two speculative buildings of office and warehouse space totaling 883,720 square feet. Both buildings are planned for delivery this fall. The 582,400-square-foot Building A is expandable up to 1.5 million square feet and will offer 36-foot clear heights, 98 trailer storage spaces and 342 car parking spaces. Building B, totaling 301,320 square feet, will feature 32-foot clear heights, 80 trailer storage spaces and 270 auto spaces. Located at U.S. Highway 51, the park will offer close proximity to the I-55 transportation corridor. Upon planned completion by the end of 2019, DeSoto 55 Logistics Center will accommodate over 2.5 million square feet in up to five separate buildings. The acquisition marks Core5’s entry into the greater Memphis market. “After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics …
BILOXI, MISS. — SVN Multi-Family Group has brokered the $11.5 million sale of Lexington Apartments, a 190-unit multifamily community located in Biloxi. Built in 1995, the property comprises 11 mid-rise residential buildings with an average unit size of 809 square feet. Community amenities include a resort-style swimming pool, grilling and picnic areas, business center with free Wi-Fi access, fire pit, controlled-access gates and concierge services. A private Northeastern real estate investor purchased Lexington Apartments from Beverly Hills, Calif.-based based Latitude Real Estate Investors for $60,526 per unit. Andrew Agee of SVN represented both the buyer and the seller in the transaction.
SOUTHAVEN, MISS. — Conn’s HomePlus, an appliance and furniture retail chain based in The Woodlands, Texas, has sold Stateline Square, a nearly 220,000-square-foot shopping center located at 550 Stateline Road and 570 W. Main St. in Southaven, a Mississippi suburb of Memphis. Built in 1995 and renovated in 2007, the shopping center’s tenant roster includes Conn’s HomePlus, Burlington Coat Factory, Essex Bargain Hunt and Home Décor. The property also features a 1.4-acre parcel for an outparcel tenant. Ryan West of HFF represented Conn’s HomePlus in the transaction. The buyer and sales price were undisclosed. Conn’s currently operates more than 110 retail locations in the Sunbelt.
LIVONIA, MICH. — Schostak Brothers & Co. Inc., a metro Detroit-based real estate investment firm, has purchased a portfolio of six retail properties adjacent to Walmart Supercenters in Mississippi, Louisiana and Texas. The company purchased the assets, which total nearly 160,000 square feet, through SFP Pool Seven LLC for an undisclosed price. The properties include Eagle Plaza-Ruston at 1401 Eagle Drive in Ruston, La.; Eagle Plaza-Farmerville at 775 Sterlington Highway in Farmerville, La.; Eagle Plaza-Forest at 1303 Highway 35 South in Forest, Miss.; Eagle Plaza-Cleveland at 710 N. Davis Ave. in Cleveland, Miss.; Sulphur Marketplace at 301-341 N. Cities Services Highway in Sulphur, La.; and Stone Street Plaza at 1101 Stone St. in Kilgore, Texas. Occupancy for the six locations averages 92 percent, with tenants including Cato Fashions, Dollar Tree, Hibbett Sports, PetSense, Rue 21 and Shoe Show. With these transactions, Schostak Brothers has 73 shadow Walmart retail assets in its portfolio.
ROBINSONVILLE, MISS. — Dougherty Mortgage has closed a $14 million Fannie Mae loan for the acquisition of two apartment communities in Robinsonville. The properties, River Pointe and Cypress Lakes, total 312 units. Dougherty Mortgage’s Brentwood, Tenn.-office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Cypress River LLC.
OXFORD, MISS. — A joint venture between Homestead Development Partners, Columbus Pacific and Kayne Anderson Real Estate Advisors is set to develop HELiX Oxford, a 790-bed student housing community located near the University of Mississippi in Oxford. The property will offer one-, two- and four-bedroom, fully furnished flats and townhomes. Community amenities will include a circular, beach-entry pool; a health and fitness center with cross fit space, multipurpose yoga studio and cardio and weight equipment; study labs devoted to individual, small and large group study; an interactive gaming center; media center; event space; and a summer kitchen. The project is scheduled for completion in fall 2018. The architect for the development is Charlan Brock and Associates, and Childs Dreyfus Group will be in charge of interior design. The project team includes general contractor The Construction Enterprises Inc., engineer Williams Engineering Consultants and landscape architect Dalhoff Thomas Design Studio. Asset Campus Housing has been tapped to manage the property upon completion.
CHICAGO — Chicago-based Blue Vista Capital Partners has sold three student housing communities located in Mississippi and North Carolina totaling 990 beds. The dispositions include Lafayette Place, a 366-bed community located near the University of Mississippi in Oxford; First Street Place, a 288-bed community located near East Carolina University in Greenville, N.C.; and Pembroke Place, a 336-bed community located near The University of North Carolina at Pembroke in Pembroke, N.C. Campus Partners LLC acquired Pembroke Place. The buyers of Lafayette Place and First Street Place were undisclosed. Dorothy Jackman, Steven Peden and Travis Prince of Colliers International represented Blue Vista Capital Partners in all three transactions. The sales prices were undisclosed.