ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.
RIDGELAND, MISS. — Greg Duvall of NorthMarq Capital’s Kansas City regional office has arranged acquisition financing of $24.5 million for Arbors at Natchez Trace, a 328-unit multifamily property located at 715 Rice Road in Ridgeland, Miss. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Property amenities include a fitness center, pool, tennis court, walking/biking trails, picnic area, laundry facilities and wheelchair accessible rooms.
PEARL, MISS. — NAI UCR Properties has brokered the $2.9 million sale of a 100,000-square-foot retail/warehouse facility in Pearl, a suburb of Jackson. The vacant property was originally a build-to-suit for a wholesale furniture retailer and featured a showroom and distribution center. The property is close to the intersection of I-55 and I-20 near the Jackson International Airport. Amerco Real Estate Co., which provides development and real estate services for U-Haul, purchased the facility and was self-represented in the transaction. Micah McCullough and Brett Bailey of NAI UCR Properties represented the seller.
TUPELO, MISS. — RCG Ventures has purchased the 114,425-square-foot Kings Crossing, a shopping center anchored by Ross Dress for Less in Tupelo, for approximately $18.1 million. Located at 3980 N. Gloster St., the property is adjacent to the 700,000-square-foot Mall at Barnes Crossing. Kevin Reavey and Chris Decoufle of CBRE represented the unnamed seller in the transaction. Scott Tarbet represented RCG Ventures internally.
JACKSON, MISS. — Hertz Investment Group, a Santa Monica, Calif-based commercial real estate investor and manager, has acquired the 266,700-square-foot City Centre located at 200 S. Lamar St. in Jackson’s central business district (CBD). Hertz purchased the two-tower, Class A office property from Parkway Properties for $6.2 million. The office property was 87 percent leased at the time of sale to a tenant mix comprising law firms, government agencies and insurance companies. City Centre was renovated in 1987 and features two lobbies with marble finishes and an atrium with black granite and mahogany panels. In addition to City Centre, Hertz’s downtown Jackson portfolio includes the Pinnacle, One Jackson Place, 111 East Capitol, Regions Plaza and Regions Bank Building. The investor’s overall portfolio spans more than 19 million square feet of office space in 20 cities across 15 states.
HATTIESBURG, MISS. — Colliers International has brokered the $66.5 million sale of The Orthopedic Institute, a medical office complex located at 27 Veterans Memorial Drive in Hattiesburg. The complex comprises a two-story, 73,750-square-foot orthopedic hospital and a three-story, 63,944-square-foot medical office building. Forrest Health occupies the hospital, and Southern Bone & Joint Specialists PA occupies the medical office building. The hospital was sold for $39.3 million to an undisclosed institutional investor, and the medical office building was sold to a separate undisclosed institutional investor for $27.2 million. Josh Randolph of Colliers International’s Birmingham office represented the sellers, Pointe Properties LLC and Southern Development Resources, in the transactions.
JACKSON, MISS. — Duckworth Realty Inc. has brokered the sale of the Plaza Building, a 12-story, 80,000-square-foot mixed-use tower in downtown Jackson. The property comprises ground-floor retail and restaurants, eight floors of office space and three floors of luxury apartments. The Plaza Building LLC purchased the tower for an undisclosed amount. John Michael Holtmann of Duckworth Realty Inc. represented the seller, GECMC 07-C1 Downtown Plaza LLC, a subsidiary of GECMC 2007-C1 Commercial Mortgage Trust that is specially serviced by Torchlight Loan Services. According to Duckworth, the Plaza Building was 71 percent occupied at the time of sale.
TOWSON, MD. — Morgan Properties and DRA Advisors LLC have acquired The Colony at Kenilworth, a 383-unit apartment community located in Towson. Morgan and DRA plan to execute a value-enhancement strategy that will address capital needs, reposition the property and enhance the value of the asset. The partnership intends to upgrade unit interiors and also has plans to improve common area amenities by renovating the fitness center and clubhouse. The Colony marks the third acquisition that Morgan Properties and DRA have purchased together in the Maryland-Washington, D.C. Corridor. The seller and the sales price were undisclosed.
HATTIESBURG, MISS. — Marcus & Millichap has brokered the $16.8 million sale of Academy Sports + Outdoors and Shops at Turtle Creek, a 98,673-square-foot shopping center located at 6173-6175 U.S. Highway 98 in Hattiesburg. The shopping center is within the 504,000-square-foot Turtle Creek Crossing power center. Built between 2011 and 2012, the shopping center comprises a 75,760-square-foot Academy Sports + Outdoors and two shopping spaces leased to Mattress Express, Massage Envy Spa, Keesler Federal Credit Union, Papa Murphy’s and J. Allan’s. Alvin Mansour and Ryan Gomez of Marcus & Millichap’s San Diego office, along with Anne Williams of the firm’s Memphis office, represented the seller, a private developer based in Texas. The team also represented the buyer, an institutional net lease investor.
OXFORD, MISS. — Asset Campus Housing (ACH) has begun construction on Domain at Oxford, an off-campus student housing community in Oxford that will serve University of Mississippi students. The leasing center will open this fall, and the community will open for residents in fall 2016. Domain at Oxford will be a gated 216-unit property with 642 beds located within one mile of the University of Mississippi. The community will provide students with floor plan options including one-, two-, and four-bedroom apartments and townhomes. Every fully furnished apartment will come standard with hardwood-style floors, granite countertops, flat-screen TVs, stainless steel appliances, private bathrooms, full-size washer and dryer and other features. Domain at Oxford will feature an 11,000-square-foot clubhouse, a resort-style pool, Internet café, outdoor fire pit, sand volleyball, poolside hammock lounge area, video gaming center, complimentary tanning, group fitness studio, 24-hour gym and multiple private group study rooms.