PAC Acquires Grocery-Anchored Portfolio in the Sunbelt for $68.7M
Preferred Apartment Comunities of Atlanta paid nearly $70 million for six grocery-anchored shopping centers in the Sun Belt area.
By Keith Loria, Contributing Editor
Atlanta—Preferred Apartment Communities Inc. has acquired six grocery-anchored retail centers totaling 535,000 rentable square feet in Georgia, South Carolina and Alabama for approximately $68.7 million, exclusive of acquisition- and financing-related transaction costs.
PAC acquired the portfolio through its wholly owned subsidiary New Market Properties LLC.
“We are pleased with the continued growth of New Market Properties and the execution of its business plan by its management team led by Joel Murphy,” Leonard Silverstein, PAC president & chief operating officer, said in a prepared release. “We are delighted to add five more Publix anchored centers and one Wal-Mart Supercenter anchored center to our growing Sunbelt portfolio.”
The company now owns 21 grocery-anchored centers in suburban Sun Belt markets.
The acquisitions were financed through separate first mortgage loans for four of the six properties from Unum Life Insurance Co. of America, Colonial Life & Accident Insurance Co. and First Unum Life Insurance Co. Two of the centers were purchased for all equity without mortgage financing.
According to Cushman & Wakefield’s U.S. Shopping Center MarketBeat, released at the end of the first quarter of 2016, U.S. shopping center vacancy stood at 7.9 percent and Q1 2016 was the 16th consecutive quarter in which overall shopping center vacancy either remained steady or declined.
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