Ohio Buyer Tackles 166,000-SF Retail Center

OCEAN SPRINGS, MS-In its first acquisition in the state, Midland Atlantic Investment Corp. has bought the 166,000-sf Parkside Square. Despite being in an area impacted by Hurricane Katrina, the buyer says it was attracted to the area’s prospects for further growth.

“In this case, we found that the tenants there were happy in that sales were rebounding and sales tax was well above what it was a year prior to Katrina,” Dave Wik, acquisitions director for the Cincinnati-based buyer, says about the property at 3100 Bienville Blvd. “Everyone’s seen a large rebound in that area.” The purchase price could not be obtained by press time.

Built in 1990, the center was sold by a major institutional owner on the East Coast represented by Doug Molyneaux of Grubb & Ellis Sawyer Commercial in Gulfport, MS. The center was 78% leased at sale time.