OXFORD, MISS. — Capstone Real Estate Investments LLC has acquired Old Taylor Place Apartments, a 224-bed student housing community located 0.3 miles away from the University of Mississippi campus in Oxford. The newly renovated property consists of 112 two-bedroom units and features community amenities including a fully equipped fitness center, swimming pool, outdoor lounge and grilling pavilion and an outdoor gaming area with basketball and volleyball courts, shuffleboard and horseshoes. Over the coming weeks, Capstone intends to convert the property from an apartment complex into a condominium community. Old Taylor Place was acquired in an off-market transaction for an undisclosed price.
MERIDIAN, MISS. — CBL & Associates Properties Inc. has sold Bonita Lakes Mall and Bonita Lakes Crossing in Meridian for $27.9 million. RockStep Capital, a Houston-based shopping center investor, purchased both properties from the Chattanooga, Tenn.-based retail owner and developer. Bonita Lakes Mall’s tenant roster includes Ashley Furniture HomeStore, Belk, Bath & Body Works, Dillard’s, Foot Locker, JC Penney, Victoria’s Secret, Sears and Ollie’s Bargain Outlet. The 147,518-square-foot Bonita Lakes Crossing is leased to tenants such as Ashley Furniture HomeStore, Jo-Ann Fabric & Crafts and OfficeMax. CBL & Associates owns and manages 145 properties, including 91 regional malls and open-air centers.
GREENWOOD, MISS. — Bank of Commerce and the Federal Home Loan Bank of Dallas (FHLB Dallas) have provided a grant to fund an adaptive reuse project in Greenwood. A historic building in downtown Greenwood has been transformed into a contemporary retail space that now houses Howard & Marsh Exchange, a boutique retailer selling home décor, accessories, antiques, art, bedding and gifts. Chris McQueen, owner of Howard & Marsh Exchange, funded the start-up costs of running the business using a loan from Bank of Commerce that was funded by an Economic Development Program (EDP) advance from FHLB Dallas, as well as an accompanying $25,000 EDP plus grant.
ABINGDON, MD. — NAI KLNB has brokered the $3.3 million sale of a two-building, 51,600-square-foot warehouse at 1305 Governor Court in Abingdon, roughly 25 miles northeast of Baltimore. The property is situated within William Paca Industrial Park. Grander Capital Partners purchased the property, which is the Boston-based company’s first acquisition in the state of Maryland. Built in 1987, the all-brick assets were cumulatively 87 percent leased at the time of sale. Brad Berzins and Bill Miller of NAI KLNB represented the undisclosed seller in the transaction.
GULFPORT, MISS. — SVN has brokered the $12.4 million sale of Cambridge Apartments, a 201-unit apartment complex located in Gulfport. Built in 2004, the property features a resort-style swimming pool, covered grilling and picnic areas, business center with Wi-Fi access, sand volleyball court, self storage garages and on-site car care service. A private real estate investor based in the Northeast purchased Cambridge Apartments from Salt Lake City-based Realsource. Andrew Agee of SVN represented both the buyer and seller in the transaction.
JACKSON, MISS. — BankPlus, a Mississippi-based bank with more than 60 locations and total assets exceeding $2.6 billion, will join The District at Eastover, a $125 million, 21-acre mixed-use development in Jackson. BankPlus will anchor a 67,000-square-foot office building that features traditional office space and a drive-thru banking facility on the ground floor. The ground floor of the BankPlus building will feature 17,000 square feet of retail and restaurant space with frontage on I-55 and The District Plaza. The District Land Development Co. is the master developer of the mixed-use project, which will feature loft apartments, office space, retail and restaurant tenants, a high-end movie theater and a Marriott Residence Inn. This month, Baker Donelson and Cosmich Simmons & Brown will move into their new office spaces in One Eastover Center, a 125,000-square-foot office building at The District that was completed in late 2015. The District Land Development plans to complete construction on the BankPlus project by April 2017. The new BankPlus office will house commercial lending, commercial real estate, cash management, private banking, wealth management, wealthplus and business development services.
JACKSON, MISS. — Capital One has provided an $11.8 million, fixed-rate Freddie Mac loan for the acquisition of Tracewood Apartments, a 280-unit apartment community in Jackson. Chad Thomas Hagwood of Capital One Multifamily’s Southeast office arranged the 10-year, fixed-rate loan on behalf of the borrower, StoneRiver Co. Brandon Pate of Capital One’s Birmingham office managed the deal on behalf of Capital One. The loan structure includes two years of interest-only payments followed by a 30-year amortization schedule.
OXFORD, MISS. — Duke Realty will soon begin developing the Baptist Oxford Medical Office Building in Oxford, about 80 miles south of Memphis and home of the University of Mississippi. The three-story, 78,000-square-foot medical office building will be located on the campus of the new replacement Baptist Memorial Hospital-North Mississippi at 1100 Belk Blvd. The 600,000-square-foot, five-story hospital has a completion date set for fall 2017. Duke Realty plans to deliver the medical office building in August 2017. About 49,000 square feet of the medical office building will house Baptist Memorial Hospital-North Mississippi services, including outpatient physical therapy, wound care, a sleep lab, education/simulation and administrative space. Baptist Medical Group physician offices will occupy approximately 8,200 square feet in the facility, and the Stern Cardiovascular Foundation will operate in roughly 6,000 square feet of space. The property will also house other medical specialty practices. The design team includes general contractor Robins & Morton, which is based in Birmingham, Ala., and architect Earl Swenson Associates, which is based in Nashville, Tenn.
HATTIESBURG, MISS. — Stirling Properties has purchased Turtle Creek Crossing, a 295,000-square-foot power retail center in Hattiesburg, for $48.1 million. The shopping center is the largest retail acquisition by Stirling Properties in its 40-year history. Built in 2007, Turtle Creek Crossing is located on US Highway 98 adjacent to Turtle Creek Mall. The center’s anchor tenants include Ashley Furniture, Bed Bath & Beyond, Ross Dress for Less, Old Navy, Books-A-Million and PetSmart. The property is shadow-anchored by Academy Sports + Outdoors, Target and Kohl’s and shares a lighted intersection with Sam’s Club and Walmart Supercenter.
STARKVILLE AND OXFORD, MISS. — Blake Management Group has opened The Claiborne at Adelaide, an independent living, assisted living and memory care community in Starkville, near the Alabama border. Blake manages the 82,000-square-foot community, which includes 14 independent living units, 43 assisted living units and 25 memory care units. The Mississippi-based seniors housing operator has also opened The Blake at Oxford, a 100-unit assisted living and memory care community in Oxford. The 85,000-square-foot community features 66 assisted living units and 34 memory care units. Cardinal Ventures Inc., a Mississippi-based developer, built The Blake at Oxford. Based in central Mississippi, Blake operates communities in Alabama, Louisiana, Mississippi, Tennessee and South Carolina.