Mississippi

DLP Real Estate Capital Acquires 234-Unit Lafayette Place Apartments in Oxford, Mississippi

by Julia Sanders May 26, 2021

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.

May 26, 2021

Development Industrial Mississippi Southeast

Core5 to Develop 957,400 SF Industrial Building Near Memphis

by Julia Sanders March 23, 2021

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.

March 23, 2021

Acquisitions Mississippi Retail Southeast

Palomar Group Arranges Sale of Delchamps Plaza Retail Center in Columbus, Mississippi

by John Nelson February 10, 2021

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.

February 10, 2021

Acquisitions Georgia Industrial Mississippi Southeast Tennessee Top Stories

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

by John Nelson February 8, 2021

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 …

February 8, 2021

Acquisitions Mississippi Multifamily Southeast

Carter Multifamily Acquires Apartment Community Near Jackson, Mississippi for $26.6M

by John Nelson February 2, 2021

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.

February 2, 2021

Development Industrial Mississippi Southeast

Trammell Crow to Develop 700,000 SF Amazon Fulfillment Center Near Jackson, Mississippi

by Alex Tostado November 13, 2020

CANTON, MISS. — Trammell Crow Co. will develop a 700,000-square-foot Amazon robotics fulfillment center in Canton, about 26 miles north of Jackson along Interstate 55. The project is expected to house 1,000 employees who will pick, pack and ship small items such as books, electronics and toys to customers. This will be the third fulfillment center in the Magnolia State but the first to incorporate Amazon’s robotics technology. The Seattle-based e-commerce giant opened its first Mississippi facility in Byhalia in 2019 and its second in August in Olive Branch. According to Madison County officials, the Canton fulfillment center is expected to deliver in August 2021. Amazon expects to fill the 1,000 jobs by next holiday season.

November 13, 2020

Development Mississippi Multifamily Southeast

Gulf Coast Housing, South Mississippi Housing Break Ground on Multifamily Redevelopment Project in Gulfport

by Alex Tostado October 26, 2020

GULFPORT, MISS. — Gulf Coast Housing Partnership (GCHP) and South Mississippi Housing & Development Corp. (SMHD) have broken ground on the redevelopment of North Park Estates in Gulfport. Phase I of the redevelopment will include demolishing 92 units, 31 of which are uninhabitable, according to the developers. SMHD and GCHP expect to deliver Phase I in summer 2021. The units will be reserved for residents earning at or below 60 percent of the area median income (AMI). North Park Estates was originally built in 1959 as the former L.C. Jones public housing complex for the Mississippi Regional Housing Authority No. VIII (MRHA VIII). SMHD acquired the asset in 2008 and rebranded the 160-unit community as North Park Estates. The project was funded, in part, via a $500,000 Affordable Housing Program (AHP) grant from The Peoples Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).

October 26, 2020

Acquisitions Mississippi Retail Southeast

SRS Brokers $6.3M Sale of Walgreens-Occupied Property in Jackson, Mississippi

by Alex Tostado October 12, 2020

JACKSON, MISS. — SRS Real Estate Partners has arranged the $6.3 million sale of a single-tenant retail property triple-net leased to Walgreens in Jackson. The 14,550-square-foot building spans 1.7 acres and was built in 2015. There are 15 years remaining on the corporate-guaranteed lease. The Walgreens is situated at 310 Meadowbrook Road, four miles north of downtown Jackson. Matthew Mousavi, Patrick Luther and Parker Walter of SRS represented the seller, an undisclosed family office completing a 1031 exchange. Mark Ruble of Marcus & Millichap represented the undisclosed seller, which also developed the property, in the transaction.

October 12, 2020

Development Hospitality Mississippi Southeast Top Stories

Universal Music, Dakia U-Ventures Plan $1.2B Entertainment Destination in Biloxi

by Taylor Williams October 12, 2020

BILOXI, MISS. — A joint venture between California-based Universal Music Group (UMG) and hospitality investment firm Dakia U-Ventures has unveiled plans for a $1.2 billion hotel and music-themed entertainment destination in the coastal Mississippi city of Biloxi. The new development will be the first of the joint venture’s UMUSIC Hotels, with additional locations coming to Atlanta and Orlando. Each hotel and entertainment district is designed to educate guests on the city’s musical heritage and will feature new venues for live performances. Pyramid Hotel Group, a Boston-based hospitality management firm, has also partnered with UMG and Dakia to operate the hotels. The new hotel and entertainment venue in Biloxi will be developed at the site of the former Broadwater resort. A construction timeline was not released. The number of hotel rooms was not disclosed, and the joint venture did not specify whether or not the development will include a casino, as many hospitality properties in Biloxi do. Should the project feature a casino, the hotel would then be legally required to have at least 300 rooms, according to regional news outlet nola.com. Local media outlets have also reported that the price tag of $1.2 billion would make the project the most …

October 12, 2020

Acquisitions Development Mississippi Mixed-Use NAI Southeast

NAI UCR Properties Negotiates Land Sale in Jackson, Buyer Plans $40M Mixed-Use Project

by Alex Tostado September 16, 2020

JACKSON, MISS. — NAI UCR Properties has negotiated the sale of a 1-acre parcel located at 629 Fondren Place and 2820 N. State St. in Jackson. The buyer, Wealth Hospitality Group doing business as entity Fondren Landing LLC, is planning to develop Fondren Landing, a $40 million mixed-use project that will include apartment units, retail space and condominiums. The site is located three miles north of downtown Jackson. A timeline for construction was not disclosed, although local news outlet WJTV reports the property is slated to open in summer 2022. Micah McCullough of NAI UCR Properties represented the seller, a private family based in South Carolina, in the land transaction.

September 16, 2020

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