CANTON, MISS. — Hodges Ward Elliott has brokered the sale of an 80-room Hampton Inn hotel located in Canton, about 30 miles north of Jackson, Miss. B.J. Patel, Clint Hodges and Michael Brandes of Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. Built in 2004 along I-55, the Hampton Inn Canton hotel features a business center, outdoor pool, fitness center, complimentary breakfast and connecting rooms.
HATTIESBURG, MISS. — Marcus & Millichap has brokered the sale of Campus Cottages, a 44-unit apartment community located at 119 North 35th St. in Hattiesburg, less than a half-mile from the University of Southern Mississippi. Built in 1967, the community features apartments in one- and two-bedroom layouts. Andrew Jacobs, Josh Jacobs and Royce Emerson of Marcus & Millichap represented the undisclosed seller in the $2.4 million transaction. The buyer was also not disclosed.
GULFPORT, MISS. — Marcus & Millichap has brokered the $4.4 million sale of a Super 8 Motel located in Gulfport along the Gulf of Mexico. Comprising 95 rooms, the property underwent a $1 million renovation in 2021, including installation of a new roof and air conditioning units in 75 rooms, interior and exterior painting and new signage. Ahmed Kabani, Lucas Mondino and Suraj Dalal of Marcus & Millichap represented the seller, an entity doing business as NH Hotel LLC, in the transaction. The team also secured and represented the buyer, Shreeji Hotels LLC, an individual trust. William Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction.
MADISON, MISS. — Newmark has arranged a $30 million construction loan for a new four-story, approximately 99,000-square-foot medical office building development in Madison, about 15 miles north of Jackson, Miss. Jay Miele, John Nero, Ben Appel and Michael Greeley of Newmark’s Healthcare Capital Markets group placed the loan through a regional bank on behalf of the borrower, Boldt Healthcare Real Estate Development. Adam Goss and Ron Ott of Newmark provided transactional support. The healthcare facility will be located on Baptist Memorial Health Care Corp.’s medical campus and is anticipated to be completed in the first quarter of 2024.
BILOXI, MISS. — Mumford Co. has brokered the sale of a Red Roof Inn & Suites hotel in Biloxi. Steve Kirby, Burton Brooks, Ed James and Gaurang Patel of Mumford’s Atlanta, Newport News and Dallas offices represented the undisclosed seller in the transaction. The buyer, hospitality investment firm Maha Lakshmi Corp., purchased the hotel for an undisclosed price. Located off I-10 at 14201 Cook Road, the hotel features complimentary coffee and breakfast in the lobby, and rooms come with complimentary Wi-Fi, flat screen TVs, microwaves, work desks and mini-refrigerators.
CORINTH, MISS. — The Palomar Group has secured the $3 million sale of Harper Square, a 40,000-square-foot shopping center located at 1801 S. Harper Road in Corinth. The property, which was redeveloped in 2018, was fully leased at the time of sale to Marshalls and Aldi. A private investment firm based in Georgia purchased the asset from an unnamed lender that recently foreclosed on the center. The Palomar Group represented the seller in the transaction.
NEW ALBANY, MISS. — Marcus & Millichap has brokered the sale of The Gardens Apartments, an 80-unit community in New Albany. David Dorris and Bryan Sisk of Marcus & Millichap represented the undisclosed seller and procured the New York City-based buyer. Built in 2004, The Gardens offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, playground, grill, picnic area, pet care and laundry facilities. Located at 910 Kings Creed Road on 5.6 acres, the property is situated 35.5 miles from the University of Mississippi in Oxford.
OXFORD, MISS. — Greysteel has secured the refinancing for Wellington Place, a 154-bed student housing property in Oxford. Griffin Papaila and Daniel Hartnett of Greysteel secured a 10-year fixed-rate, non-recourse Freddie Mac loan at 70 percent loan-to-value (LTV). The loan amount and borrower were not disclosed. Wellington Place is a 44-unit student housing property that serves the students at the University of Mississippi. Built in 2019, the off-campus property offers three-bed and four-bed floorplans. Unit features include screened back porches, front patios, second-floor balconies, fenced backyards, hardwood flooring, marble countertops, stainless steel appliances and finishes. Community amenities include a lake with a large dock, pool, hot tub, arcade, convenience store and a 10,000-square-foot clubhouse and amenity center. The property was fully occupied at the time of sale. Located at 157 Stricklin Lake Drive, Wellington Place is situated three miles from the Ole Miss campus and 3.2 miles from the University-Oxford Airport.
OXFORD, MISS. — CBRE has arranged the sale of The Chancellor’s House, a 38-room boutique hotel in Oxford, to Nashville-based BNA Associates LLC. Natalie Castillo, Austin LaPoten and John Lamberson Jr. of CBRE represented the seller, an entity doing business as Chancellor House LLC. Built in 2017, The Chancellor’s House hotel offers two full-service restaurants, a lounge with an outdoor patio, rooftop and more than 2,800 square feet of meeting space. Located at 425 South Lamar Blvd., the property is situated less than one mile from the University of Mississippi and is just south of The University-Oxford Airport.
STARKVILLE, MISS. — Miami-based Centurion Property Group has purchased Aspen Starkville, a 958-bed student housing community located near Mississippi State University. Built in 2014, Aspen Starkville offers two-, three-, four- and five-bedroom, cottage-style floorplans with bed-to-bath parity. Community amenities include a swimming pool, basketball court, sand volleyball court, fitness center, yoga room, game room and a movie theater. The property will be rebranded The Grand at Starkville and is set to undergo capital improvements, including the addition of a new pet park and hammock garden, updated flooring and the addition of smart TVs. Located at 2041 Blackjack Road, the property is situated 2.2 miles from Mississippi State University and three miles from downtown Starkville.
