Mississippi

KeyBank Arranges $21.4M Loan for Multifamily Property in Mississippi

by Camren Skelton July 7, 2017

OLIVE BRANCH, MISS. — KeyBank Real Estate Capital has arranged $21.4 million in financing for Annandale Gardens, a 400-unit apartment community in Olive Branch, roughly 25 miles south of Memphis, Tenn. Caleb Marten of KeyBank arranged the seven-year financing through Fannie Mae with a one-year interest-only period and 30-year amortization schedule. The garden-style property was built in 1998 with Phase II constructed in 2001, and features a fitness center, two swimming pools, playground area and onsite car wash.

July 7, 2017

Hospitality Mississippi Southeast

Home2 Suites by Hilton Meridian Opens in Meridian, Mississippi

by Camren Skelton June 28, 2017

MERIDIAN, MISS. — Home2 Suites by Hilton Meridian, part of Hilton’s All Suites portfolio, has opened at 201 N. Frontage Road in Meridian. The 97-room hotel is designed for travelers who want to maintain their normal routine, and features fully equipped kitchens, modular furniture, a fitness center, pool, fire pit and grill area, market for grab-and-go items and complimentary daily breakfast. Inn Alliance LLC owns the property and Lala Enterprises handles management.

June 28, 2017

Industrial Mississippi Southeast

NAI UCR Properties Brokers $3M Sale of Industrial Building in Richland, Mississippi

by Camren Skelton June 22, 2017

RICHLAND, MISS. — NAI UCR Properties has facilitated the $3 million sale of a 70,000-square-foot industrial facility located at 330 Leggett Drive in Richland. NAI UCR’s Micah McCullough represented the undisclosed buyer in the transaction. At the time of sale, the property was leased to FedEx Ground.

June 22, 2017

Industrial Mississippi Southeast

IDI Gazeley to Develop Nearly 2 MSF Industrial Development in Memphis Area

by John Nelson May 17, 2017

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.

May 17, 2017

Alabama Arkansas Georgia Hospitality Kentucky Louisiana Mississippi South Carolina Southeast

R&R REIT Acquires 1,020-Room Hotel Portfolio for $35M

by John Nelson May 3, 2017

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.

May 3, 2017

Hospitality Mississippi Southeast

Penn National Gaming to Acquire Two Casinos in North Mississippi for $44M

by Taylor Williams March 29, 2017

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.

March 29, 2017

Industrial Mississippi Southeast Top Stories

Core5 Acquires 173 Acres to Develop 2.5 MSF Industrial Business Park in DeSoto County, Mississippi

by Kristin Harlow March 24, 2017

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 …

March 24, 2017

Mississippi Multifamily Southeast

SVN Multi-Family Group Brokers $11.5M Sale of Apartment Community in Biloxi

by John Nelson March 15, 2017

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.

March 15, 2017

Mississippi Retail Southeast

Conn’s HomePlus Sells 220,000 SF Shopping Center in Metro Memphis

by John Nelson February 8, 2017

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.

February 8, 2017

Louisiana Mississippi Retail Southeast

Schostak Brothers Acquires Retail Portfolio in Southeast, Texas

by John Nelson January 26, 2017

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.

January 26, 2017

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