SOUTHAVEN, MISS. — Kushner has acquired The Clare Apartments, a 352-unit multifamily community in Southaven, for $45.1 million. The seller was not disclosed. Newmark was the broker for the transaction. Situated less than 18 miles from downtown Memphis, Clare is centrally located between Northwest Mississippi Community College, Tanger Outlets Southaven and Landers Center. The property will be rebranded as Southaven Pointe. Community amenities include a swimming pool, tennis court, volleyball court, business center, dog park and a picnic area. Kushner is a New York City-based real estate development and management firm with a portfolio including residential, commercial, retail, hospitality and industrial properties.
HORN LAKE, MISS. — JLL has brokered the sale of DeSoto A2, a 328,355-square-foot bulk distribution facility in Horn Lake. The facility is triple-net-leased to Toshiba, a Tokyo-based computer and electronics retailer company. Dennis Mitchell, Matt Wirth, Britton Burdette, Jim Freeman, Mitchell Townsend and Jack Wohrman of JLL represented the seller, Preylock Holdings, in the transaction. Bixby Land Co. purchased the property for an undisclosed price. DeSoto A2 is part of DeSoto 55 Logistics Center, a business center developed in 2020 by Atlanta-based Core5 Industrial Partners. The single-tenant building features 36-foot clear heights, ESFR fire protection, a TPO roof, auto and trailer parking and dock-high doors with view windows. The facility is located at 1453 Commerce Parkway in a suburb less than 20 miles south of downtown Memphis. The infill location is just off Interstate 55, about 10 miles from Memphis International Airport. Additionally, the property has unparalleled regional access along with proximity to multiple intermodal facilities, including Canadian National Harrison Yard, BNSF Railway and Norfolk Southern.
SOUTHAVEN, MISS. — Knighthead Funding LLC has provided a $12.1 million first mortgage loan to refinance two adjacent Marriott-branded hotels in the Memphis submarket of Southaven. The undisclosed borrower will use proceeds from the three-year, non-recourse loan to take out a maturing CMBS loan. The properties include a 78-room Residence Inn by Marriott located at 7165 Sleepy Hollow Drive and an 85-room Courtyard by Marriott located at 7225 Sleepy Hollow Drive. Located along Interstate 55, both properties are within 15 miles of Memphis International Airport, approximately 8.3 miles from Graceland and 15 miles from FedEx Forum. Both hotels have been updated, including renovations to guestrooms, lobbies and restaurants. Knighthead Funding LLC is a national real estate finance company based in New York.
JACKSON, MISS. — Kushner Cos. has purchased a four-property residential portfolio in Jackson for an undisclosed price. Blake Pera, Tommy Bronson III, Bo Flurry and Gray Fiser of Newmark represented the seller, MAA, a publicly traded REIT. Additionally, Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Issa Abbassi of Newmark arranged an undisclosed amount of acquisition financing on behalf of Kushner Cos., a New York City-based real estate developer and owner. The portfolio spans more than 1,200 units across 71 acres. The properties’ amenities include pools, fitness centers, tennis courts, playgrounds, grilling and picnic areas, sundecks and fireplaces. The four properties are called Pear Orchard, Crosswinds, Reflection Pointe and Lakeshore Landing, and they were built between 1974 and 1988. Kushner Cos. currently owns more than 24,000 units across eight states, 2.2 million square feet of retail space, 5.4 million square feet of office space, 1 million square feet of industrial space and 697 hotel rooms.
OXFORD, MISS. — Newmark has arranged the $16.5 million sale of Lafayette Place, a 366-bed student housing community located at 1711 Anderson Road near the University of Mississippi campus in Oxford. The community offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, resort-style saltwater pool, an outdoor grilling area, a beach volleyball court, 24-hour computer lab with study areas, and a fully-equipped 24-hour fitness center. Renovations were recently completed on 41 percent of the property’s units, which included the addition of new granite countertops, hardwood-style flooring and new appliances, faucets and sinks. The property’s clubhouse was also recently updated. Ryan Lang, Jack Brett and Bo Flurry of Newmark represented the undisclosed seller in the transaction. The buyer was DLP Holdings. This is the second student housing transaction Newmark has executed in Oxford this year, following the sale of the nearby The Retreat at Oxford.
OXFORD, MISS. — DLP Real Estate Capital has acquired Lafayette Place, a 234-unit multifamily property located in Oxford. Lafayette Place has been renamed as DREAM Oxford. The sales price and seller were not disclosed. Built in 2009, Lafayette Place is located less than one mile from the University of Mississippi campus. The community sits on 9.3 acres and includes both one- and two-bedroom units with an average size of 723 square feet. Community amenities include a resort-style saltwater pool, beach volleyball court, 24-hour fitness center with a clubhouse and an outdoor grilling area.
MARSHALL COUNTY, MISS. — Core5 Industrial Partners plans to develop I-269 Logistics Center, a five-building industrial park in Marshall County totaling 3 million square feet. The Atlanta-based developer acquired 221 acres of fully entitled land located at Highway 302 and Interstate 269 in the Mississippi suburbs of Memphis. Core5 plans to break ground soon on I-269 Industrial Park Building D, a 957,400-square-foot cross-dock facility that is expandable to 1.7 million square feet. Delivery of the building is scheduled for the first quarter of 2022. Building D will feature 40-foot clear heights and a six-inch Ductilcrete slab. The building will accommodate trailer parking for over 391 trailers and 597 auto parking spaces. The site also offers real and personal property tax exemptions for up to 10 years based on job creation and investment.
COLUMBUS, MISS. — The Palomar Group has brokered the $1.7 million sale of Delchamps Plaza, an 18,870-square-foot retail center in Columbus. The buyer was an undisclosed regional shopping center owner, and the seller was an investment group based in New York. The Palomar Group represented the seller, and the buyer did not have representation. Located at 1801 Highway 45 N, Delchamps Plaza was 100 percent leased at the time of sale to tenants including Pizza Hut, Weight Watchers and Sally Beauty. Kroger shadow anchors Delchamps Plaza. The Palomar Group is an investment sales firm based in Augusta, Ga.
MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles. Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. “The willingness of buyers to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product,” says Dennis Mitchell, a JLL Capital Markets team member who represented Core5 in the deal. The Atlanta-area asset in the portfolio sale is Crossroads Business Center, a 1 million-square-foot distribution center located at 5705 Campbellton Fairburn Road in the south Atlanta suburb of Union City. The metro Memphis assets are both situated within the DeSoto 55 Logistics Center, an industrial campus located in Horn Lake, Miss. The properties are the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D, which are located at 1453 and 1615 Commerce Parkway, respectively. The buildings are all situated near the …
RIDGELAND, MISS. — Carter Multifamily has acquired The Gables, a 168-unit apartment community in suburban Jackson, for approximately $26.6 million. The property is located just north of downtown Jackson and approximately two miles off Interstate 55 in the suburb of Ridgeland. The seller was not disclosed. The Gables features one-, two- and three-bedroom floorplan options. Community amenities include a resort-style pool and spa, gated entry, detached garages, outdoor grilling areas, fitness center and an onsite laundry facility. The buyer intends to enchance the community’s amenity package and complete interior and exterior upgrades. Carter Multifamily is private, value-add multifamily investment firm based in Tampa.