JACKSON, MS – Colliers International Atlanta has secured a $55-million construction loan on behalf of the Outlets of Mississippi, a 300,000-square-foot outlet shopping center scheduled to open November 14. Located five miles east of downtown Jackson, the upscale outlet center will feature 80 designer and name-brand outlet stores.
The Colliers Atlanta Capital Markets Group led by Senior Vice President Forrest Speed secured the loan on behalf of Bloomfield Investments LLC, the operating company subsidiary of developer, Spectrum Capital LLC. Funding was provided by a regional bank. The Atlanta Capital Markets Group also exclusively represents the developer in the future permanent mortgage. The loan represents approximately 70 percent of the development cost.
“This destination retail project, which will literally draw visitors from over a 100-mile radius, benefits from its infill location near downtown Jackson and its proximity to the Mississippi Braves baseball stadium and the 130,000-square-foot Bass Pro Shops,” said Forrest Speed. “It’s rare for a major outlet center to be developed by a first-time outlet developer, and we’re proud to arrange this construction loan on behalf of Spectrum Capital for this important project that will benefit the Jackson-area economy for years to come.”
Nationally, out of the two outlet centers delivered in 2011 and the eight developed in 2012, only one is not owned by an established multi-location outlet developer, according to the International Council of Shopping Centers (ICSC). Simon Property Group and Tanger Factory Outlet Centers control 72 percent of the 70.8-million-square-foot outlet center portfolio in the U.S., according to ICSC.
Trustmark Park, home of the AA affiliate of the Atlanta Braves and Bass Pro Shops were completed in Phase I of the Bloomfield development. The Outlets of Mississippi (Phase II) has attracted numerous high-profile retailers, including: Nike, Saks Off Fifth, Coach, Michael Kors, American Eagle Outfitters, Banana Republic, Gap, and Toys “R” Us. More recently, 19 additional tenants were announced, including: Adidas, Lane Bryant, Aeropostale, Osh Kosh, Clark’s Bostonian, Reebok, Nine West, Claire’s, Hot Topic and Cole Haan.
Located at 200 Braves Boulevard, the 300,000-square-foot Outlets of Mississippi comprise five, single-story buildings. The outlet center is situated at the crossroads of two interstates (I-20 and I-55) and two major highways (U.S. Highways 49 and 80).