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Mississippi

AcquisitionsMississippiMultifamilySoutheast

Marcus & Millichap Brokers Sale of 123-Unit Parkway Terrace Apartments in Tupelo, Mississippi

by John Nelson

TUPELO, MISS. — Marcus & Millichap has brokered the sale of Parkway Terrace, a 123-unit apartment community located at 2700 W. Main St. in Tupelo. Preston Cooper, Matt Smith and Wallace Schmuck of Marcus & Millichap’s Birmingham office represented the seller and procured the buyer, both of which requested anonymity. Mickey Davis, the firm’s broker of record in Mississippi, assisted in the transaction, the sales price of which was also not disclosed. Built in 1972, Parkway Terrace features a mix of one-bedroom apartments and two- and three-bedroom townhomes. The units were recently renovated with new flooring, fixtures and appliances.

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Data CentersDevelopmentIndustrialMississippiSoutheast

Amazon Web Services Breaks Ground on $10B Data Center Complexes in Mississippi

by John Nelson

MADISON COUNTY, MISS. — Amazon Web Services (AWS) has broken ground on a $10 billion project in Madison County. Plans for the development include data center complexes across two industrial parks, in coordination with the Madison County Economic Development Authority (MCEDA). Local outlet WJTV reports that Mississippi lawmakers approved a $4 million incentive package for the project earlier this year. A press release issued by the office of Mississippi Gov. Tate Reeves, who signed a bill for the incentives, reports that the investment will create 1,000 jobs in the state. According to the Mississippi Development Authority, this marks the largest capital investment in the state’s history, at four times the size of the previous largest economic development project. WJTV reports that Reeves has said the data centers could be partially open as early as 2027.

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AcquisitionsMississippiRetailSoutheast

Marcus & Millichap Brokers $2.6M Sale of Retail Center in McComb, Mississippi

by John Nelson

MCCOMB, MISS. — Marcus & Millichap has brokered the $2.6 million sale of Delaware West Shopping Center, a retail center located in McComb, about 80 miles south of Jackson. Harps Foods anchors the property, which totals 54,450 square feet and was leased to eight tenants at the time of sale. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Tennessee-based developer, in the transaction. Mickey Davis, the firm’s broker of record, assisted in closing the sale. “The level of competition for this offering illustrated how difficult it is to find such a solid return on a grocery-anchored center,” says Taylor.

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AcquisitionsAffordable HousingLoansMississippiMultifamilySoutheast

Red Oak Capital Provides $7.7M Loan for Ocean Shores Apartments in D’Iberville, Mississippi

by John Nelson

D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing community located at 10472 Gorenflo Road in D’Iberville, about three miles north of Biloxi. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the garden-style property and complete renovations begun by the seller, including new flooring and paint, as well as HVAC maintenance, reglazing existing kitchen countertops and replacing appliances in most of the units. The property, which was 94 percent occupied at the time of financing, operates under a land use restrictive agreement (LURA) through 2047 that requires the units to be rented to households earning less than the area median income (AMI). After the renovations, the borrower plans to boost rental rates by using vouchers that allow for rents greater than those imposed by the LURA. Situated on 11 acres, Ocean Shores features one-, …

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AcquisitionsIndustrialLoansMississippiSoutheast

CBRE Arranges $41M Acquisition Loan for Metro Memphis Industrial Portfolio for Hillwood

by John Nelson

OLIVE BRANCH AND SOUTHAVEN, MISS. — CBRE has arranged a $41 million loan for Hillwood Investment Properties, a Perot company based in Dallas, to finance the acquisition of a three-building industrial portfolio in metro Memphis. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing through Thrivent. The properties, which span 893,458 square feet, are located in Olive Branch and Southaven and were fully occupied at the time of financing to five tenants, including three third-party logistics firms. All three assets were built between 2013 and 2022. The seller was not disclosed.

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AcquisitionsMississippiMultifamilySoutheast

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

by John Nelson

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.

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DevelopmentMississippiSoutheastStudent Housing

Mississippi State University Begins $80M Residence Hall Development

by John Nelson

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.

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AcquisitionsAffordable HousingMississippiSeniors HousingSoutheast

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

by John Nelson

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.

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AcquisitionsIndustrialLeasing ActivityMississippiSoutheast

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

by John Nelson

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.

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AcquisitionsMississippiSeniors HousingSoutheast

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

by John Nelson

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.

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