Sold for $795,000
Online Only Auction of 56,900±SF Former Bank Operations Center on 5.72± Acres
4855 I-55 N, Jackson MS 39206 (Hinds County)
$500,000 Minimum Bid
Bidding Opens: Monday, September 30 at 11:00 AM CT
Bid Deadline: Thursday, October 10 at 11:00 AM CT
Inspection: Tuesday, October 1 from 1 to 4 pm, and Tuesday, October 8 from 1 to 4 pm, and by appointment.
Sale Manager: John Mozingo III, (228) 697-5680 or firstname.lastname@example.org or Austin McRoberts, 404-408-5222, email@example.com
Auction Management Corporation in cooperation with Mozingo Real Estate & Auction is pleased to offer at auction 4855 Interstate 55 North located in Jackson (Hinds County), Mississippi, minutes away from the Mississippi State Capitol. This single-story building, last offered at $4.75 million before the bank decided to take it to auction, provides 56,900 rentable square feet of Class B office space and is well-positioned adjacent to Interstate 55, with direct frontage and branding off of the interstate and its frontage road, allowing ease of access from a wide area of the surrounding Jackson market and MSA. Designed and occupied by Regions Bank as its former area operations center, 4855 I-55 North is equipped with flexible floor plans and above-standard infrastructure, consistent with the requirements of sophisticated corporate occupiers. Fiber enabled, fully-fenced and gated, full building redundant backup generator, redundant HVAC capacity, UPS system, secure storage, raised floor, training & auditorium facilities, and a 240-space parking capacity, allow a corporate user the ability to purchase an incomparable asset at a fraction of the current replacement cost.
This asset is located in a NMTC Qualified Tract and investors can receive a tax credit through the New Markets Tax Credit (NMTC) Program. Information about this program can be found HERE
and a map showing the asset's location in the NMTC Zone can be found HERE
. Additional information is available in the Documents section of this auction.
The Jackson Chamber of Commerce is using a portion of the building on a temporary basis as their office headquarters. This license agreement provides for no rent. It can be terminated with 20 days written notice at any time provided they be allowed to remain until 1/1/2020.
Regions Bank intends to lease back a secured area and the covered loading dock at the west end of the building representing approximately 10% of the area of the building. The leaseback agreement is available for review under the Documents tab and is incorporated as an exhibit to the PSA, also available under the Documents tab.
LOCATION: 4855 Interstate 55 North, Jackson, MS 39206
SIZE: 56,900 RSF
SITE SIZE: 5.72± AC with 650’ on I-55 West Frontage Road
NUMBER OF FLOORS: One (1)
PARKING: 240 total spaces; includes 9 handicap (ability to expand and optimize)
YEAR BUILT: 1967, with full renovation in 2007
INFRASTRUCTURE: Redundant HVAC capacity, back-up generation system, UPS system, raised floor data area, secure storage
ZONING: C-2 Commercial
OCCUPANCY: Regions Bank intends to lease back a secured area and the covered loading dock at the west end of the building representing approximately 10% of the area of the building. The leaseback agreement is available for review under the Documents tab and is incorporated as an exhibit to the PSA, also available under the Documents tab.
ADJACENT TENANTS/AMENITIES INCLUDE:
• Retail Tenants– Whole Foods, Kroger, Starbucks, CVS, Office Depot, Steinmart, US Post Office
• Lodging – Courtyard by Marriott, Extended Stay America, Drury Inn & Suite, Hyatt Place
• Restaurants (from fast food to upscale)
• Schools (Elementary & Middle)
• Planet Fitness & Workout Anytime
The surface parking area contains ± 240 total parking spaces including 9 handicap spaces. The total capacity is well within municipal parking requirements and can be expanded and optimized to provide additional spaces. The parking area contains asphalt pavement consisting of approximately one-inch wearing course over a six-inch crushed rock base over six inches of stabilized subgrade. The parking area is graded to provide surface runoff of storm drainage to perimeter retention areas exiting the property pursuant to municipal code.
PARKING AREA LIGHTING
The parking lot area is fitted with eight (8) wall pack light fixtures with one (1) T-5 (400 watt equivalent) light bulb per pack as well as ten (10) light pole fixtures set on concrete bases at various locations with four (4) T-5 bulbs. Parking area lighting is equipped with a 50% to 100% motion sensor, operating at 50% light capacity until movement is detected.
SIDEWALKS AND PATIO
A 4-inch thick concrete sidewalk with saw cut grid is provided across the front of the building and the loading dock area to the rear of the building (total of 8,100 SF). Each sidewalk curb contains depressions and/or ramps for full grade access to adjacent handicap spaces.
TRUCK LOADING AREA
The building is equipped with a ±60 foot wide dock high truck loading area at the rear of the building with a 6-inch high-tensile strength concrete approach apron into a truck bay with a steel built-up roof overhang. Also, the north-facing side of the building contains a grade-level loading area. The rear loading area is connected by a 10.5’ x 16’ insulated metal roll-up door. Both loading areas are also equipped with a 5’ x 7’ electronic walk-in double-door.
The parking area islands and perimeter borders and areas adjacent to the building are landscaped with mature trees, shrubs, and grass for a professional appearance.
The building is currently in an area designated by the Director of FEMA as a Flood Zone AE. See flood map and elevation certificate in Documents. The property is presently insured for $50 million including flood and the approximate premium is $17,000.
ELECTRICAL COMPANY: Entergy Account #: 87813101; Meter #: 5206250; Phone #: 800-766-1648
WATER COMPANY: City of Jackson, Water & Sewer Administration Account #: 9142287; Meter #: 97436802; Phone #: 601-960-1777
TELEPHONE/FIBER COMPANY: AT&T
The reinforced concrete system consists of twelve (12) footings ranging from 3’ to 6’3” and depths ranging from 1’ to 1’4” and are set on peers that range from 10’ x 10’ to 12’ x 12’. The footings, walkways, pads and curbs are designed for 2,500 psi. All other foundation components are designed for 3,000 psi. Original construction of the building was by Nichols & Wells with major full-building renovation (2007) by Little Diversified Architectural & Consulting.
The building is generally rectangular. The building superstructure is designed as a structural steel and block interior frame, with the perimeter as block-between-steel with brick masonry façade. The roof system is supported by a structural steel and steel joist system.
The slab to slab height is 12’2”
FINISHED CEILING HEIGHTS
The finished ceiling height is from 9’ to 10’6”
2' x 2' acoustical lay in ceiling tiles
The entrance feature contains a floor-to-ceiling storefront continuous frame section at each side of the entry feature. The windows and storefront feature is exposed aluminum framing with a bronze finish. All storefront glass is 3/8” t hick heat-strengthened monolithic glass.
The main entrance is equipped with a 3’ x 8’ double-entry door with 3/8” thick heat-strengthened monolithic glass set in storefront frames. In addition, there are two (2) other sets of 5’ x 7’ double-entry doors with automated opening/closing mechanisms located in the loading dock areas. The main entry area features a terrazzo flooring with a 12’2” hardsurface ceiling and an 8.5’ x 23’ security station.
Installed in 2000, the main roofing system is a “built-up” roof with gravel surfacing over an asphalt membrane hot mopped over 4-ply fiberglass felt. The roof system is supported by a non-asbestos Tectum deck with a base sheet and rosin paper, insulated by .5” – 1.5” of fiberboard/polyisocyanurate insulation that is partially mopped for adherence. In addition to the main roof system, the 1,008 SF loading area overhang is fitted with a single-ply smooth surface membrane installed in 2006 and attached with mechanical fasteners over a metal deck.
The building standard lay-in lighting fixtures are 277 volt, 2’ x 4’ lamp settings with T-5 bulbs. Two-stage lighting is present throughout the vast majority of the building with 50% to 100% lumens depending on the combination of switches or sensor settings.
Carpet, with vinyl base. Vinyl composition tile ("VCT") in special areas. Terrazzo at main entry. 24" x 24" panel 16" high access flooring within the data areas.
The restrooms are equipped with Sloan flush valves with Kohler toilets and urinals. The finishes include ceramic tile floors and base with synthetic solid-surface countertops and 4" backsplash with stainless steel sinks and manual faucets. The ceiling is 2’ x 2’ acoustical tiles with surface-mounted
4’ indirect T-5 light fixtures (surrounding mirrors) and recessed lighting.
Air Conditioning - The building has an air-conditioning mechanical penthouse consisting of two (2) 250-ton Trane centrifugal-type Chillers with two (2) 250-ton Marley stainless-steel cooling towers. The chill-water loop is sent throughout the building to the rooftop air handlers and individually sourced to eleven (11) fan-powered VAV air terminals as well as four (4) blower-coil units (“BCU”) and
nine (9) fan-coil units (“FCU”).
Heating - Factory-installed heat-reclaiming bundle on the chillers to heat the water and then reclaims heat from the condenser water. There is also a 100 kW immersion heater to keep a continuous load on the chiller. Hot water is supplied to the heating coils and then distributed to VAV, BCU and FCU boxes throughout the building.
There are fresh-air economizers linked to CO2 sensors situated on each of three (3) air handler units within the building to provide makeup fresh air throughout as required.
A February 26, 2007 Asbestos study revealed the presence of Asbestos containing materials (ACMs) in the building. A November 26, 2007 Asbestos Abatement Report documented the removal of asbestos, although some ACM remains in the basement and 1st floor vault area. Please refer to the Documents section for the complete reports.
The building contains one (1) single-stage hydraulic freight elevator manufactured by Thyssen-Krupp with an approximate load capacity of 4,000 lbs.
Electrical power is provided through a 1,200 amp single-power feeder at the rear of the building to one (1) pad-mounted 1,000 KVA transformer. A backup feed is also provided from an 800 kW Caterpillar diesel full-building generator (with a total available on-site fuel capacity of 4,500 gallons) which is equipped with a Caterpillar automatic transfer switch. The 277/480 Volt, three-phase power services the entire facility through the main switchgear room at the rear area of the building near the loading dock.
The main switchgear and all distribution panels and transformers are manufactured by Square D & General Electric.
Generator - An 800 kW Caterpillar full-building diesel-powered emergency generator with 1,500-gallon belly tank is located exterior to the building within close proximity to the loading dock and main switchgear room. In addition, a 3,000-gallon welded above-ground steel fuel tank is installed to provide further fuel capacity. The generator has an estimated capability of providing full power to the building for approximately six (6) days without interruption.
UPS System - Power to critical equipment is provided through a single 160 KVA UPS Module, (EATON Powerware). The battery backup is designed to provide 600 amps of power for approximately 60 minutes which may vary and be increased based on load demand.
FIRE ALARM SYSTEM
The building contains a Honeywell fire alarm system, with a fire alarm control panel located in the security room off of the main hallway from the lobby. System hard-wired devices include duct detectors and single-mounted smoke detectors. The building is currently rated for 299 occupants and a fire suppression system is not required.
The parking areas are sloped to direct surface runoff to city storm water drainage systems. Roof drainage is routed to interior drains and leaders, which connect to approximately fourteen (14) underground 4" cast-iron pipes discharging to the city storm water drainage system.
Domestic water service is provided by one (1) 2” feed from the existing water main in the front of the building, which utilizes water from the City of Jackson’s supplies. The domestic water service is connected to the various plumbing and mechanical fixtures and equipment by copper tubing. Electric drinking fountains, including a handicapped accessible unit, are provided at the main hallway near the restrooms. Domestic hot water is provided by an electric 80-gallon hot water heater located in the janitorial closet near the main restrooms of the building. The main breakroom has a 20-gallon water heater above the ceiling and the secondary breakroom utilizes an instant under-counter water heater.
Sanitary sewage exits the building via a 6" gravity lateral connecting to an existing sanitary main to Frontage Road. The gravity system contains cast iron sanitary waste piping and PVC vent piping which is connected to each plumbing fixture and ties into cast-iron collector piping below grade which directs flows to a lateral exiting the building to the front.
The asset consists of 3 tax parcels. The main parcel is 511-636 with frontage on the I-55 frontage road and Edgewood Terrace. It improved with the building and a large parking area. In addition, there are two smaller tracts, 530-650 and 530-652, which provide access to McWillie Circle and additional parking, as well as a treed area.
Assessed Value and Taxes 2018
Assessor's Market Value 2018
Auction conducted in cooperation and conjunction with:
Mozingo Real Estate & Auction, MS Broker, John Mozingo III, MSAL # 268