QUITMAN, MISS. — Investment real estate service firm The Boulder Group has arranged the $1.6 million sale of a single-tenant store leased to Dollar General located at 403 S. Archusa Ave. in Quitman, 25 miles south of Meridian. The 12,596-square-foot property is located along Mississippi Highway 18. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a commercial real estate investment firm based in the Southwest United States, in the transaction. The buyer, a private West Coast investor, purchased the store in a 1031 exchange. The property was built in 2013 and Dollar General has nine years remaining on the lease, expiring in 2028. The lease features rental escalations in year 11 and in each of the five 5-year renewal option periods. The absolute triple-net lease has zero landlord responsibilities, according to Boulder Group.
Mississippi
CBRE Global Investors Acquires Two Industrial Properties Near Memphis Totaling 1.8 MSF
by John Nelson
OLIVE BRANCH AND BYHALIA, MISS. — A fund sponsored by CBRE Global Investors has acquired two fully leased industrial properties in the metro Memphis area. The first property is located along Interstate 22 at 8331 Frontage Road in Olive Branch, about 15 miles from Memphis. The 815,050-square-foot building was built in 2018 and is fully leased through 2029 by a leading supplier of personal protective equipment. The cross-dock warehouse features 36-foot clear heights, 185-foot truck courts, more than 168 trailer spaces and LED lighting. The second property is located at 291 Norfolk Southern Way in Byhalia, about 30 miles southeast of Memphis in Marshall County. The more than 1 million-square-foot building is situated within Gateway Global Logistics Center along Tenn. Highway 72, near the Interstate 269 interchange and the Norfolk Southern Memphis Regional Intermodal facility in Rossville, Tenn. Link Industrial Properties, Blackstone’s U.S. industrial real platform, sold the building, which is fully leased to a tire dealership through 2028. The cross-dock warehouse features 32-foot clear heights, 185-foot truck courts, more than 310 trailer spaces and LED lighting. The warehouse was completed in 2018. The seller of the Olive Branch asset and the sales prices of both assets were not disclosed.
STARKVILLE, MISS. — SRS Real Estate Partners has arranged the $8.4 million sale of a 62,916-square-foot store in Starkville fully leased to Academy Sports + Outdoors. The sporting goods retailer recently signed a 15-year lease at the store with scheduled rent increases and options to extend. A private investor based in Southern California purchased the asset in 1031 exchange from the seller, a merchant real estate developer based in the Southeast. The store was built in 2017 at 160 Hollywood Blvd., about five miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS represented both parties in the transaction.
OLIVE BRANCH, MISS. — Hillwood Investment Properties plans to build a 1 million-square-foot fulfillment center in Olive Branch, approximately 25 miles from Memphis, for e-commerce giant Amazon (NASDAQ: AMZN). The facility will house picking, packing and shipping operations for larger customer orders and create 500 new full-time jobs. According to The Clarion-Ledger, the new facility will be located within Hillwood’s Legacy Park, a 266-acre business park in DeSoto County. The Class A industrial campus has proximity to U.S. Highway 78 and Tennessee Highway 385; the BNSF and Norfolk Southern intermodal terminals; Memphis International Airport; FedEx Air and Ground hubs; and a UPS sort hub. In 2018, Amazon unveiled plans for another fulfillment center in nearby Marshall County, leasing 554,000 square feet within Panattoni Development’s Gateway Global Logistics Center. “Mississippi has proven itself to be a great place for Amazon to do business and gives us the opportunity to better serve our customers in the region,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We are excited about our growth and remain committed to creating a positive economic impact in the region with job opportunities that have great pay and benefits.” No timeline for construction was disclosed. Hillwood …
STARKVILLE, MISS. — A public-private partnership between Mississippi State University (MSU) and Greystar has opened College View, 650-bed residential development on the university’s campus in Starkville. The mixed-use property features 46,000 square feet of retail space and a 7,000-square-foot addition to the MSU Child Development and Family Studies Center. Communal amenities include a fitness center, computer lab, study rooms, swimming pool, community lounge, volleyball court and fire pits. Greystar financed, built and will manage the community utilizing a 40-year lease of MSU land. The lease agreement features a 10-year renewal option.
HATTIESBURG, MISS. AND MEMPHIS, TENN. — Blue Magma Residential LLC has purchased Country Oaks Apartments in Memphis and Prosper Hattiesburg Apartments in Hattiesburg for a total of $32.6 million. Country Oaks is located at 6536 S. Country Oaks Circle in southeast Memphis. The property will be rebranded as The Park at Hollyford. Country Oaks was 98 percent occupied at the time of sale and the new ownership is planning to invest $2.6 million to renovate the interiors and exterior of the property. Multifamily Capital Markets represented the buyer in the transaction. Prosper Hattiesburg is located at 200 Foxgate Ave., near the University of Southern Mississippi. The buyer will invest $3.4 million to upgrade the interiors and exteriors of the property and rebrand it as The Park at Mayfield. Andrew Brown of Cushman & Wakefield represented the buyer in the transaction. Regions Bank provided acquisition financing on behalf of Blue Magma for both transactions.
MADISON, MISS. — CBL Properties has sold The Forum at Grandview, a 216,000-square-foot retail center in Madison, for $31.8 million. Hendon Properties acquired the center in an all-cash deal. CBL developed the property in a 75-25 joint venture with Mattiace Development in 2010. CBL received all of the profits from the sale. Tenants at The Forum include Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, Stein Mart, Petco and Ulta Beauty. The property is situated along Grandview Boulevard, 15 miles north of downtown Jackson.
LINCOLN, R.I. — Twin River Worldwide Holdings Inc. (NYSE: TRWH) has entered into an agreement to acquire Isle of Capri Casino Kansas City in Missouri and Lady Luck Casino Vicksburg in Mississippi for $230 million. Eldorado Resorts Inc. (Nasdaq: ERI) is the seller. Isle of Capri is located near downtown Kansas City, overlooking the Missouri River. The property offers 40,000 square feet of casino space, 939 gaming machines, 13 table games and two dining venues. Lady Luck Casino Vicksburg is situated along the Mississippi River. The property features 25,000 square feet of casino space, 603 slot machines, eight electronic table games, three dining venues and an 89-room hotel. “Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets,” says George Papanier, president and CEO of Lincoln, R.I.-based TRWH. “We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties by our redevelopment and operating plans.” Eldorado Resorts expects to use the proceeds from the sale for general corporate purposes, including its proposed $17.3 billion acquisition of Caesars Entertainment Corp. Papanier says TRWH will redevelop Isle of Capri, though he did not …
NKF Arranges Sale, Provides $25M Acquisition Loan for Multifamily Community in Metro Memphis
by Alex Tostado
SOUTHAVEN, MISS. — Newmark Knight Frank (NKF) has arranged the sale of The Clare, a 352-unit multifamily community in Southaven. NKF also provided the buyer, ValCap Group, with a $25 million Freddie Mac acquisition loan. The Clare was constructed in 1997 and offers one-, two- and three-bedroom floor plans ranging from 723 to 1,120 square feet. Communal amenities include two swimming pools, a tennis court, volleyball court and a fitness center. The Clare, formerly known as Legacy at Church Lake, is situated at 5186 Church Lake Drive, 18 miles south of downtown Memphis. The seller was not disclosed. Blake Pera of NKF represented the buyer in the transaction. Adam Randall, John Meany and John Westby-Gibson of NKF placed the debt financing.
Cushman & Wakefield Arranges Sale of 697-Unit Multifamily Portfolio in Kentucky, Mississippi
by Alex Tostado
SOUTHAVEN AND HORN LAKE, MISS. AND BOWLING GREEN, KY. — Cushman & Wakefield has arranged the sale of a three-property, 697-unit multifamily portfolio in Kentucky and Mississippi. The properties are the 240-unit Fairways at Hartland in Bowling Green, the 204-unit Savannah Creek in Southaven and the 253-unit The DeSoto in Horn Lake. Jimmy Adams, Robbie O’Bryan and Craig Collins of Cushman & Wakefield represented the seller, McDowell Properties, in the transaction. Covenant Capital Group acquired Fairways at Hartland while Timberland Partners acquired the two Mississippi properties. The properties were built between 1989 and 1995. Sales prices were not disclosed.