Thursday, April 2, 2015

Southeast Mississippi Retail Center Sells for $16.75 Million




HATTIESBURG, MS, April 2, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Academy Sports + Outdoors and Shops at Turtle Creek, a 98,673-square-foot shopping center in Hattiesburg, Miss.

Alvin Mansour
The $16.75 million sales price equates to $170 per square foot.

            Alvin Mansour, senior vice president investments and Ryan Gomez in Marcus & Millichap’s San Diego office, and Anne Williams, senior associate in the firm’s Memphis office, represented the seller, a private Texas-based developer, and the buyer, an institutional net-lease investor.

            “Academy Sports and Shops at Turtle Creek attracted significant interest from throughout the retail property investment community,” says Mansour.

“The new owner is well positioned to benefit from the center’s strong lineup of triple-net tenants and location within the Turtle Creek Crossing shopping mall.

Anne Williams
  The property is situated along the area’s main retail corridor at 6173-6175 U.S. Highway 98 in Hattiesburg within the 504,000-square-foot power center, Turtle Creek Crossing.

 The center is also across from a 180,000-square-foot Walmart Supercenter and immediately west of Turtle Creek Mall, an 843,000-square-foot regional mall anchored by Belk, JCPenney, Dillard’s and Sears.

Built in 2011, the shopping center consists of a 75,760-square-foot Academy Sports + Outdoors built in 2011 and two shopping spaces built in 2012 totaling 22,913 square feet that are leased to Mattress Express, Massage Envy Spa, Keesler Federal Credit Union, Papa Murphy’s, and J. Allan’s.
  
For a complete copy of the company’s news release, please contact:
Gina Relva
 Public Relations Manager

(925) 953-1716 

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