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.
GRENADA, MISS. — Stan Johnson Co. has arranged the sale of a single-tenant, 288,000-square-foot industrial facility in Grenada. Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, an Illinois-based industrial developer, Agracel Inc. The buyer, a Dallas, Texas-based REIT, purchased the property for approximately $21.3 million. The property is leased to Advanced Distributors Products (ADP), a producer of residential evaporator coils. The industrial facility serves as the distribution center for the tenant’s manufacturing plant, which is located less than one mile east of the property. Originally built in 2017 as an 84,000-square-foot warehouse, the property was expanded by 70 percent to its current size. Prior to leasing the property, ADP was using part of its neighboring 379,000-square-foot manufacturing facility for warehouse and distribution space. The tenant spent approximately $20 million moving into the new distribution center and repurposing the existing facility into a full manufacturing plant. Adjacent industrial park tenants include Novipax, Resolute Forest Products, Ice Industries and Averitt. Located at 445 American Way, the property has access to Interstate 55, the Grenada Municipal Airport and the Grenada Railroad.
STARKVILLE, MISS. — Colliers has arranged the sale of The Vista, a 309-unit, 820-bed student housing development located less than a mile from Mississippi State University in Starkville. Atlanta-based Student Quarters purchased the newly built property from Fenton, Mich.-based IMS Properties for an undisclosed price. Sean Baird and Jonathan Holt of Colliers facilitated the transaction. Developed by IMS Properties in 2020, The Vista offers one-, two-, three-, four- and five-bedroom floorplan options. Community amenities include a saltwater pool and poolside cabanas, 24-hour athletic club, dog park, yoga studio, game room, electric vehicle charging stations and a lounge. The property also features 5,137 square feet of ground-floor retail space. Located at 705 University Drive, the property is situated a half-mile from Davis Wade Stadium, the home arena of the Mississippi State Bulldogs football team. The property is also located close to restaurants such as Two Brothers Smoked Meats, The Dapper Doughnut, NutriGroove, Bulldog Burger Co. Starkville and Starkvegas Snowballs.
OXFORD, MISS. — MCR, which has offices in New York City, Dallas, Chicago and Richmond, has acquired the Courtyard by Marriott Oxford in Oxford, near the University of Mississippi’s campus. The property is MCR’s first hotel in the state. The sales price and seller were not disclosed. The Courtyard by Marriott Oxford offers 121 guestrooms and suites. The property has 18 suites, including the Loft, which is a duplex with a private patio and wet bar, and the Presidential, a two-bedroom pad with sitting and dining areas. The property’s guestrooms include a microwave, mini refrigerator and Wi-Fi. The hotel amenities include a fitness center, indoor pool, 24-hour sundry shop, 24-hour business center and complimentary parking. Food and beverage options include The Bistro, which serves breakfast, dinner and specialty beverages, and the Green Roof Lounge, a rooftop bar serving cocktails and food with views of the Vaught-Hemingway Stadium. Located at 305 Jackson Ave. E., the Courtyard by Marriott Oxford is situated within walking distance from the University of Mississippi and the Burns-Belfry Museum and Multicultural Center. The property is also situated near The Square, Oxford’s downtown district that has over 70 restaurants, museums, art galleries and shops. Nearby retailers include Frutta …