NAI UCR Arranges Sale of Opportunity Zone Redevelopment
$40 Million Mixed-Use Project Planned
JACKSON, MS – July 2020 – NAI UCR Properties announces the sale of 629 Fondren Place and 2820 N. St. Street in Jackson, MS. Vice President and Broker Associate of NAI UCR Properties, Micah McCullough, CCIM, SIOR, represented a private South Carolina family in the sale to Fondren Landing, LLC, an affiliate of Wealth Hospitality Group. Wealth Hospitality Group plans to develop a $40 million+ condominium/apartment and retail project, Fondren Landing.
The property is located at the corner of Fondren Place and North State Street in the trendy and desirable Fondren District of Jackson, MS. The 1+/- acre property was a Covered Land Play in an Opportunity Zone consisting of 2 buildings occupied by 3 tenants. The Fondren area is a destination for arts, entertainment, retail, fine dining, and urban living. The location is minutes from the I-55 corridor and convenient to nearby colleges, medical centres and less than a mile from Interstate 55.
“The Fondren District is one of Jackson’s oldest communities. Property in this area is highly sought after and rare. This property had been owned by the same family since the early 1900’s. I was honoured to have been given the opportunity to represent them on the sale and also be a part of Fondren’s continued growth and revitalization.” said Micah McCullough. “Since this property represented a very rare opportunity in our market, we used a competitive offer process and received several offers on the property and were able to achieve a price above the original sale guidance we gave the client.”
About NAI UCR Properties
NAI UCR Properties, in conjunction with its parent the Underwood Companies, have been in the business of commercial real estate in Jackson, MS since 1948. As a result of the organization’s achievements and rich history, we have been able to impact the commercial real estate landscape of the Jackson Metro area for over 65 years. UCR Properties, LLC was formed in 2008 to concentrate on the company’s expanding commercial real estate services division, which was further accelerated through our partnership with NAI Global in 2015. With the support of the of NAI platform, we are able to deliver market-leading services locally, while combining the strengths from other NAI member firms to form a powerful bond of insight and the ability to execute for clients with multi-market challenges. To learn more www.ucrproperties.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe, Africa, and Asia Pacific, with over 6,000 local market professionals, managing in excess of over 1.15 billion square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more www.naiglobal.com.
# # #
For more information regarding this transaction or more information about NAI UCR Properties, please contact: Brandy Clay at brandy@ucrproperties.com, or 601-981-6800.
