Super-regional power center sells for $37M near Jackson, Miss.
JLL Capital Markets arranged the sale of the fully leased Market Street Flowood in Flowood, Mississippi
DALLAS, Nov. 17, 2021 – JLL Capital Markets announced today that it has closed the $37 million sale of Market Street Flowood, a 263,852-square-foot super-regional power center with office space in the Jackson-area community of Flowood, Mississippi.
JLL represented the seller, Trademark Property Company. 5Rivers CRE, a Houston-based real estate investment firm focused on regional power centers across the Southeastern United States, acquired the asset.
Completed in 2010, Market Street Flowood is anchored by Bed Bath & Beyond, Dick’s Sporting Goods, DSW, Michaels and Ulta Beauty. The 96-percent-leased property is also home to a variety of national and regional shop and office tenants, including Amerigo, Lux Salon, Hobby Town, Edible Arrangements, Massage Envy and Great American Cookie.
Market Street Flowood is situated on 26.65 acres at 144 Market St. in Flowood, an affluent suburb northeast of downtown Jackson, which is the largest MSA and state capital of Mississippi. The power center is located at the intersection of Lake Drive and East Metro Parkway, the dominant retail intersection in the state, visible to more than 40,097 vehicles per day. The area surrounding the center includes nearly 60,000 residents within a five-mile radius who earn an average annual household income of $91,811.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Adam Howells and Chris Gerard and Analysts Zach Riebe and Matthew Barge, along with Senior Managing Director Barry Brown.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Trademark Property Company
Trademark Property Company is a full-service real estate firm focused on investments, development and institutional services of experiential, mixed-use and daily needs properties. In its 29 years of business, Fort Worth, Texas-based Trademark has invested in, developed or redeveloped 21 million square feet of mixed-use, multifamily and retail assets worth $4.5 billion. Trademark’s experienced team of more than 185 employees is currently responsible for a 16-property portfolio totaling approximately 10.7 million square feet of mixed-use and retail projects across the country. A leader in navigating the changing mixed-use real estate landscape, Trademark’s purpose is to be extraordinary stewards, enhance communities and enrich lives. For more information, visit trademarkproperty.com or interact on Facebook, Twitter and Instagram.
About 5Rivers CRE
Based in Houston, Texas, 5Rivers CRE is a privately held full-service commercial real estate investment and asset management firm with a portfolio of 21 properties totaling 3.4 million square feet. Over the last 25 years, the company and its 280 investors have placed $110 million of equity in assets with an aggregate value of $380 million. For more information, visit our LinkedIn.