CLINTON, MISS. — Hertz Investment Group (HIG) has acquired South Pointe Business Park, a 395,920-square-foot Class A office building in Clinton, a town in the Jackson MSA. HIG purchased the four-story, three-pod suburban office building from a private investment group for $20.5 million. The park is currently 93 percent leased to tenants such as the Mississippi Department of Revenue, University Physicians, Lockheed Martin and Verizon Wireless. South Pointe was originally constructed as the headquarters for WorldCom.
JACKSON, MISS. — The Memphis, Tenn.-based office of Financial Federal Bank has arranged the $13.1 million refinancing of two apartment communities in Jackson. The properties, known as Somerset and Woodridge, were built in the 1980s and were both 95 percent occupied at the time of sale. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating rate loans with one year of interest-only payments and a 30-year amortization schedule through Freddie Mac.
SENATOBIA, MISS. — Hart Corp. has brokered the sale of a 198,723-square-foot facility on an 18.7-acre site in Senatobia. Jim Belcher and Bart Hardison of Hart Corp. represented the buyer, Calbee North America LLC, a Japanese joint venture. Colliers International represented the seller, The Hollingsworth Co., in the transaction. Tim Climer of the Tate County Economic Development Foundation and Emlyn Jackson of the Mississippi Development Authority assisted in attracting Calbee North America LLC to the facility.
VICKSBURG, MISS. — UCR Investments has purchased Pemberton Plaza, a 27,000-square-foot shopping center in Vicksburg, roughly 45 miles west of Jackson. Pemberton Plaza’s tenant roster includes T.J. Maxx, Newks Eatery, Bestway Rent to Own and Anytime Fitness. The shopping center was 94 percent leased at the time of sale. UCR Investments purchased the asset from CBL & Associates Properties Inc. for an undisclosed amount. Micah McCullough and Brett Bailey of Jackson-based UCR Properties, an affiliate of UCR Investments, represented the buyer in the transaction. Jim Morris of CBRE’s Nashville office represented the seller.
The Jackson office market remains strong, with occupancy rates of 81 percent and average rental rates of $19 per square foot. As the state capital, government is the driving force for local real estate, and recently, the public sector has been working with private developers to establish partnerships. With more than $600 million in private and public development during the last couple of years in the CBD, companies are intrigued by downtown’s revitalization. The King Edward restoration by HRI Properties, Watkins Partners and Deuce McAllister is an example of where local government property was transformed into a new 186-room Hilton Garden Inn combined with 64 newly leased apartments. Fondren Place is another public/private partnership where Peters Real Estate and The Mattiace Company partnered with Jackson Public Schools to convert a former school to boutique shops, restaurant space and a new 37,500-square-foot office building with retail space. The construction of the Jackson Convention Complex has spurred hotel development to support Jackson’s first convention center with the nearly completed Sleep Inn and the newly renovated Clarion Hotel Roberts Walthall. Eley Guild Hardy Architects fell in love with a Neo-Classical Revival-style former bank and is transforming it into a LEED-certified building for its …
Older Posts