690 Towne Center Blvd Ridgeland, MS

Listing office J. Walter Michel Agency, Inc. h***@waltermichel.com Show Phone

Listing date Nov 24, 2025

Source Moodyscre

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Investment Insights

Based on property information with market context.

This property features a 7,000-square-foot space on the first floor, complemented by an additional 300 square feet of unfinished space on the second floor. The building underwent significant upgrades in October and November 2024, with over $100,000 invested to enhance its condition. A fire sprinkler system is in place, contributing to lower insurance costs. The roof is less than 4 years old as of 2025. A 64-month modified gross lease has been executed with a law firm established for over 25 years. The lease commences on September 1, 2025, and includes a rent increase after the 28th month. As part of the lease agreement, the tenant is responsible for utilities, janitorial services, and communication expenses. The average cap rate for the lease term is approximately 9.6%, with the cap rate increasing to approximately 10% for the final 3 years of the lease.

Key Highlights

• High average cap rate of +/- 9.6% for the lease term, increasing to +/- 10% for the final 3 years.
• 64‑month modified gross lease executed with a 25+ year established law firm, starting September 1, 2025, with rent increase after 28 months.
• Substantial recent upgrades: Over $100,000 spent in October and November 2024.

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FAQs

What type of property is this?

Office building - 7,300 SF office building with long-term lease in place.

Where is this office building located?

The property is located at 690 Towne Center Blvd Ridgeland, MS.

What are key features of this property?

This property features: High average cap rate of +/- 9.6% for the lease term, increasing to +/- 10% for the final 3 years.; 64‑month modified gross lease executed with a 25+ year established law firm, starting September 1, 2025, with rent increase after 28 months.; Substantial recent upgrades: Over $100,000 spent in October and November 2024.