Mississippi

Marcus & Millichap Arranges Sale of 130-Unit Apartment Community in Tupelo, Mississippi

by John Nelson April 10, 2024

TUPELO, MISS. — Marcus & Millichap has arranged the sale of Feemster Lake Roads Apartments, a 130-unit apartment community located at 1537 Feemster Lake Road in Tupelo. Locally based Prosper Management Group purchased the property for an undisclosed price. Built in 1992 adjacent to Itawamba Community College, Feemster Lake Roads Apartments features one- and two-bedroom apartments ranging in size from 500 to 1,000 square feet. Preston Cooper, Wallace Schmuck and Matt Smith of Marcus & Millichap’s Birmingham office represented the undisclosed seller in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record in Mississippi for the deal.

April 10, 2024

Development Mississippi Southeast Student Housing

Mississippi State University Begins $80M Residence Hall Development

by John Nelson January 8, 2024

STARKVILLE, MISS. — Mississippi State University has announced plans for an $80 million residence hall development on its campus in Starkville. The five-story project will span 155,000 square feet and offer 400 beds. The development is also set to include a dining hall, offices, a storm shelter and shared amenity spaces. The development team for the project includes Roy Anderson Corp. and Wier Boerner Allin Architecture. Construction is expected to begin in February with completion scheduled for spring 2025.

January 8, 2024

Acquisitions Affordable Housing Mississippi Seniors Housing Southeast

Hunt Capital Transfers Ownership of 76-Unit Affordable Seniors Housing Community in Biloxi, Mississippi

by John Nelson December 22, 2023

BILOXI, MISS. — Hunt Capital Partners has transferred ownership of Cadet Point Senior Village, an affordable seniors housing community in Biloxi, back to Biloxi Community Development Corp., the nonprofit arm of the Biloxi Housing Authority. Developed in 2007, the property comprises 76 units. Hunt Capital transferred ownership back to the civic organization in late November following negotiations accounting for the operational expense challenges at the property. According to Hunt Capital, Cadet Point has experienced insurance premium increases totaling more than 65 percent over the past five years due to its exposure to hurricanes. Biloxi Community Development will have full control of development and operational decisions at Cadet Point.

December 22, 2023

Acquisitions Industrial Leasing Activity Mississippi Southeast

AIC Industrial Acquires 135,000 SF Manufacturing Facility in Metro Memphis in Sale-Leaseback Deal

by John Nelson December 21, 2023

OLIVE BRANCH, MISS. — AIC Industrial has acquired a 135,000-square-foot light manufacturing facility located at 11085 Airport Road in Olive Branch, a Mississippi suburb of Memphis near the Olive Branch Airport. Natureplex Properties LLC, a pharmaceutical manufacturer, sold the facility to AIC Industrial in a sale-leaseback deal. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the seller in the transaction. As part of the transaction, Austin, Texas-based AIC Industrial signed Natureplex to a long-term lease at the facility. The sales price and lease terms were not disclosed.

December 21, 2023

Acquisitions Mississippi Seniors Housing Southeast

SLIB Arranges Sale of 68-Unit Seniors Housing Community in Tupelo, Mississippi

by John Nelson December 19, 2023

TUPELO, MISS. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Avonlea Assisted Living, a 68-unit seniors housing property in Tupelo. The community was built in 1999 and renovated in 2005. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Mississippi that intends to renovate the asset and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. The sales price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB brokered the transaction.

December 19, 2023

Acquisitions Mississippi Retail Southeast

Marcus & Millichap Arranges Sale of 107,288 SF Barnett Plaza Shopping Center in D’Iberville, Mississippi

by John Nelson December 8, 2023

D’IBERVILLE, MISS. — Marcus & Millichap has arranged the sale of Barnett Plaza, a 107,288-square-foot shopping center located at 10598 D’Iberville Road in D’Iberville, a city just north of Biloxi, Miss. Constructed in phases between the late 1970s and 2008, the property is situated on 13.8 acres. Tenants at the center include Crunch Fitness and Saad Health Care. Andrew Chason and Stephen Sewell of Marcus & Millichap represented the undisclosed seller in the transaction. Mickey Davis assisted as the firm’s broker of record in Mississippi. The buyer and sales price were also not disclosed.

December 8, 2023

Development Mississippi Retail Southeast

Woodmont Breaks Ground on Retail Strip Center in Petal, Mississippi Leased to Starbucks, T-Mobile

by John Nelson July 20, 2023

PETAL, MISS. — The Woodmont Co. has broken ground on a new retail strip center spanning nearly 5,000 square feet in Petal, a suburb of Hattiesburg, Miss. Located at 1098 Evelyn Gandy Parkway, the property will house a Starbucks and T-Mobile. The retail center represents Woodmont’s fourth development with Starbucks and first with T-Mobile. Jackson Longley of Woodmont worked to arrange financing through Embree Capital, and Jack Mock of Woodmont represented the developer in the lease negotiations with the national credit tenants. Tony Oswalt with Advanced Building Specialties Inc. will serve as the project’s general contractor. Woodmont plans to open the center in spring 2024.

July 20, 2023

Affordable Housing Development Loans Mississippi Multifamily Southeast

BWE Arranges $10.6M HUD-Insured Loan for Rehabilitation of Affordable Housing Community in Starkville, Mississippi

by John Nelson July 20, 2023

STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units are reserved for residents earning up to 60 percent of the area median income (AMI) and are covered by Section 8 project-based vouchers. The borrower, Triangle Development Co., plans to use the funds to add dishwashers, garbage disposals, microwaves and vinyl plank flooring to each unit. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. Triangle Development’s recapitalization of Brookville Gardens also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the Mississippi Home Corp.

July 20, 2023

Leasing Activity Mississippi Retail Southeast

Marshalls to Open 21,160 SF Store at Outlet Mall in Pearl, Mississippi

by John Nelson June 26, 2023

PEARL, MISS. — Marshalls will open a new, 21,160-square-foot store at Outlets of Mississippi, a an outlet mall located in Pearl, roughly five miles outside Jackson, Miss. Scheduled to open later this summer and marking the eighth location in the state, the store will be situated in a space formerly occupied by Saks OFF 5TH. Scott Ferguson of FFO Real Estate Advisors oversees leasing at the property, which is part of the 166-acre The Connection mixed-use development. Other tenants at Outlets of Mississippi, which totals 325,000 square feet, include Polo Ralph Lauren Factory Store, Nike Factory, Cole Haan, Coach Outlet, Levi’s, Michael Kors, Gap Factory Store and Under Armour.

June 26, 2023

Acquisitions Mississippi Self-Storage Southeast

Franklin Street Arranges Sale of 404-Unit Self-Storage Facility in Hattiesburg, Mississippi

by John Nelson May 11, 2023

HATTIESBURG, MISS. — Franklin Street has arranged the sale of Hattiesburg Climate Controlled Storage, a 404-unit self-storage facility located at 7329 US Highway 98 in Hattiesburg. Mississippi-based Anderson Construction purchased the facility from Atlanta-based Highline Storage Partners for an undisclosed price. Frank DeSalvo and David Perlleshi of Franklin Street’s National Self-Storage Team represented both parties in the transaction. The newly built, climate-controlled facility spans 50,225 rentable square feet and features keyless entry and video surveillance.

May 11, 2023

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