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.
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.