CLINTON, MISS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.5 million acquisition loan for Clinton Plaza, a 97,000-square-foot shopping center located at 200 Clinton Blvd. in Clinton, about 12 miles west of Jackson. The tenant roster includes Big Lots, Family Dollar and Beauty Zone. David Johnson of MMCC’s Atlanta office arranged the loan through CRE Bridge Equity on behalf of the undisclosed borrower. The seller and sales price for Clinton Plaza was not disclosed.
LOS ANGELES — Gelt Ventures LLC has sold an eight-property self-storage portfolio in Tennessee and Mississippi totaling 3,999 units. The facilities are mostly situated in the metro Memphis market, with five assets in Memphis, two in Olive Branch, Miss., and one in Nesbit, Miss. Canadian-based investor Minimal Storage Properties purchased the 487,000-square-foot portfolio for an undisclosed price. Gelt Ventures originally acquired the portfolio in June 2020 for $41 million. The single-story properties were built between 1972 and 2006 and feature commercial office space, manager’s apartments and a mix of drive-up, indoor and climate-controlled units averaging 141 square feet in size. During its ownership period, Los Angeles-based Gelt Ventures carried out capital improvements on the self-storage assets, improved the tenant mix and implemented a revenue management strategy.
SOUTHAVEN, MISS. AND BUFORD, GA. — JLL has negotiated the $25 million sale of a hotel portfolio in the Memphis suburb of Southaven, as well as the $11 million sale of a hotel in Buford. The properties included the Courtyard Memphis Southaven (85 rooms), the Residence Inn Southaven (78 rooms) and the Fairfield Inn & Suites Buford (94 rooms). C.J. Kelly and Bobby Norwood of JLL represented the buyer, Woodvale Opportunity Fund I, in the transaction. The seller was Chartwell Hospitality.
OXFORD, MISS. — Seven Hills Realty Trust has provided a $42 million bridge loan for the refinancing of The Domain at Oxford, a 642-bed student housing property located near the University of Mississippi. Newmark arranged the three-year loan on behalf of the borrower, Sausalito, Calif.-based Shore to Shore Properties Inc. The loan features two one-year extension options. Located at 2002 Oxford Way, The Domain features 216 one-, two- and four-bedroom apartments, each furnished with a 43-inch TV. According to Apartments.com, the gated community was built in 2016 and features an onsite property manager and maintenance team, valet trash pickup, package retrieval services, campus shuttle and community-wide Wi-Fi. Community amenities include a resort-style pool, business center, clubhouse, fitness center, conference rooms, a tanning salon, movie theater, basketball and volleyball court and a game room. Tremont Realty Capital manages Seven Hills Realty Trust.
BILOXI, MISS. — U-Haul has opened U-Haul Moving & Storage of Biloxi, a 344-unit self-storage facility located at 12011 Old Highway 67 in Biloxi. This is the first U-Haul-owned and -operated location in Biloxi and the company’s 14th in Mississippi. The one-story facility was delivered over the summer and purchased/rebranded earlier this fall. U-Haul Moving & Storage of Biloxi is situated at Old Highway 67 and Cedar Lake Road, which is close to exit 44 of I-10 and Miss. Highway 15. The property features indoor climate-controlled units, high-tech security and a retail showroom with boxes and moving supplies. U-Haul plans to implement its suite of moving trucks, trailers, towing devices and propane tank exchange services at the Biloxi location in the near future.
OCEAN SPRINGS, MISS. — Legacy Realty Group Advisors has arranged the $8.2 million sale of Spring Plaza, a 110,248-square-foot shopping center located in Ocean Springs, a city in the Gulfport-Biloxi MSA. Winn-Dixie anchors the property. Jacob Baruch, Jonah Warshaw and Daniel Baruch of Legacy Realty represented the buyer in the transaction. Dex Shill of NAI Latter & Blum represented the seller. Both parties requested anonymity.
OCEAN SPRINGS, MISS. — Marcus & Millichap has arranged the sale of Dominion Apartments, a 56-unit community located at 310 Holcomb Blvd. in Ocean Springs, a little over four miles east of Biloxi. Built in 2008, Dominion Apartments sits on 3.1 acres and features a mix of one-, two- and three-bedroom floor plans. The property represents the first Mississippi acquisition for the buyer, 3H Management. Preston Cooper and Matt Smith of Marcus & Millichap’s Birmingham office represented the seller, Hattiesburg, Miss.-based Dearman Properties, in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record for Mississippi in the deal.
COLUMBUS, MISS. — Marcus & Millichap has closed the sale of Friendly City Mini Warehouses, a 314-unit self-storage property located on a 3.3-acre site at 7627 Highway 45 N in Columbus. Phase II of the property is currently in lease-up. Matthew Porter of Marcus & Millichap’s Memphis office represented the seller, Peter Imes, in the sale. The buyer and sales price were not disclosed. Mickey Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction. Built in 2022 and expanded earlier this year, Friendly City Mini Warehouses features 163 climate-controlled units and 145 non-climate-controlled units across 47,720 net rentable square feet. The facility, which was 91 percent leased at the time of sale, features 24-hour digital surveillance and gated entry with coded access.
STARKVILLE, MISS. — Tailwind Group and its partners have acquired Campus Trails, a 480-bed student housing community located near the Mississippi State University campus in Starkville. The property features 156 units in two- and four-bedroom layouts. Tailwind plans to implement renovations at the community over the next 12 months, including strategic unit upgrades, repurposing interior and exterior amenity spaces and general property enhancements. Plans also include a rebranding this fall. William Vonderfecht of CBRE brokered the transaction, which marks Tailwind’s fourth student housing acquisition this year. The seller and sales price were not disclosed.
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.