$47.9 million sale closed by HFF of a regional retail power center in Hattiesburg, Mississippi
ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $47.9 million sale of Turtle Creek Crossing, a 295,848-square-foot regional retail power center in Hattiesburg, Mississippi.
HFF marketed the property on behalf of the seller, Kimco Realty Corp. Stirling Properties, Inc. purchased the asset free and clear of existing debt.
Completed in two phases in 2005 and 2007, the 95-percent-leased Turtle Creek Crossing is home to Ashley Furniture HomeStore, Books-A-Million, Dollar Tree, Old Navy, PetSmart, Ross Dress for Less, Bed Bath & Beyond, David’s Bridal and Rue 21 along with shadow anchors Target, Kohl’s and Academy Sports + Outdoors. Turtle Creek Crossing is situated on 39.9 acres at 6143 U.S. Highway 98 along the “going home” side of Highway 98, the main retail artery in Hattiesburg.
The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid.
“The center is adjacent to Turtle Creek Mall, the dominant regional mall, which helps make this area a regional retail destination,” Hamilton said.
About Kimco Realty Corp.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, New York, that is North America’s largest publicly-traded owner and operator of open-air shopping centers. As of September 30, 2015, the company owned interests in 710 shopping centers comprising 105 million square feet of leasable space across 39 states, Puerto Rico and Canada. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
About Stirling Properties, Inc.
Stirling Properties, Inc. (Stirling Properties) is one of the most diversified full-service commercial real estate companies in the country. Regionally focused and nationally acclaimed, Stirling Properties utilizes a comprehensive set of resources and relies on a team of trusted experts in brokerage services, development and redevelopment, acquisitions and investments and property and asset management over a wide array of property types to deliver long-term value to the firm’s clients across the southern Gulf states. Visit stirlingprop.com for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.