OXFORD, MS & SOUTHAVEN, MS August 7, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Hermitage Gardens of Oxford and Hermitage Gardens of Southaven, two seniors housing properties combined at 69,526-square foot and located in Southaven, MS and Oxford, MS, according to Chris Travis, regional manager of the firm’s Tampa office.
Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a REIT. The buyer, a private equity investment firm, was also secured and represented by Krone Weidler and L.J. Tsunis. William Davis, Broker, assisted in closing this transaction.
“Our strategic and targeted marketing efforts brought forth a cash buyer for this value-add opportunity. We negotiated a contract and assisted the buyer in completing due diligence as COVID-19 became more prevalent. We managed to close the transaction timely with minimum interruption” explained Weidler.
Tsunis went on to say “the buyer is excited to add to their portfolio in the southeast. They like the value-add component and plan to make capital improvements of these assets over the next several months.”
Hermitage Gardens of Oxford is located at 1488 Belk Blvd in Oxford, MS and Hermitage Gardens of Southaven is located at 108 Clarington Dr in Southaven, MS. The properties are situated on 6.72 combined acres and include 116-units with 120 licensed beds.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.