Mississippi

Duckworth Realty Brokers Sale of 12-Story Mixed-Use Tower in Jackson

by John Nelson June 16, 2015

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.

June 16, 2015

Mississippi Multifamily Southeast

Morgan Properties, DRA Advisors Acquire Apartment Community in Towson

by John Nelson April 8, 2015

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.

April 8, 2015

Academy Sports + Outdoors and Shops at Turtle Creek

Mississippi Retail Southeast

Marcus & Millichap Brokers $16.8M Sale of Shopping Center in Mississippi

by John Nelson April 3, 2015

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.

April 3, 2015

Domain at Oxford University of Mississippi

Mississippi Multifamily Southeast Student Housing

ACH to Develop 642-Bed Student Housing Community at University of Mississippi

by John Nelson February 17, 2015

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.

February 17, 2015

Mississippi Retail Southeast

Glickman Retail Group Brokers $27M Sale of Mississippi Shopping Center

by John Nelson February 12, 2015

MERIDIAN, MISS. — Sean Glickman of Coldwell Banker Commercial NRT, founder of the Glickman Retail Group, has brokered the $27 million sale of Meridian Crossings, a 206,365-square-foot shopping center in Meridian. Built in 2007, the asset was 96 percent leased at the time of sale to T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond, Best Buy and Books A Million. Glickman represented the buyer, a 106-year-old family-owned company that owns, manages and develops shopping centers in 11 states.

February 12, 2015

Trace Station Shopping Center Ridgeland Mississippi

Mississippi Retail Southeast

Crossman & Co. Brokers $5.4M Sale of Shopping Center in Mississippi

by John Nelson February 4, 2015

RIDGELAND, MISS. — Crossman & Co. has brokered the $5.4 million sale of Trace Station Shopping Center, a 47,510-square-foot retail center located at 500 Highway 51 North in Ridgeland, part of the Jackson MSA. The three single-story buildings sitting on 6.5 acres were sold to a private investor. The property is positioned at the intersection of Jackson Street and Highway 51. The center was 96 percent leased at the time of sale to local and regional tenants such as Edible Arrangements, Fleet Feet, Lost Pizza Co. and Cazadore’s Mexican. Brian Carolan of Crossman & Co. represented the seller, a Wall Street loan pool, and partnered with Hugh Johnson of J. Walter Michel Agency, a Jackson-based company, during the transaction.

February 4, 2015

Dollar General Jackson Namdar Realty Group

Mississippi Retail Southeast

Namdar Realty Group Buys Dollar General in Mississippi, Kroger in Kentucky

by John Nelson January 8, 2015

JACKSON, MISS. AND CAMPBELLSVILLE, KY. — Namdar Realty Group, a private real estate investment and management firm based in New York, has recently purchased a freestanding Dollar General store in Jackson and a freestanding Kroger in Campbellsville. CVS Caremark has subleased the 11,000-square-foot store in Jackson to Dollar General and the discount retailer has two years remaining on its lease agreement. Winston Rego sold the asset to Namdar Realty Group for an undisclosed price. Stan Johnson Co. brokered the transaction. The 34,000-square-foot Kroger is located at 1505 E. Broadway in Campbellsville and has three years remaining on its lease. The seller, a private group, sold the grocery store to Namdar Realty Group for an undisclosed price. Al Isaac of NAI Isaac brokered the transaction. Joel Gorjian of Namdar Realty Group led the company’s acquisition team in both deals.

January 8, 2015

Mississippi Office Southeast

Hertz Investment Group Buys Suburban Office Building in Metro Jackson for $20.5M

by John Nelson December 22, 2014

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.

December 22, 2014

Loans Mississippi Southeast

Financial Federal Bank Arranges $13.1M Refinance of Two Jackson Apartment Communities

by John Nelson December 5, 2014

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.

December 5, 2014

Industrial Mississippi Southeast

Hart Corp. Brokers Sale of 200,000 SF Industrial Facility in Mississippi

by John Nelson November 6, 2014

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.

November 6, 2014

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