PAC Lands SC Shopping Center

The corporation acquired Irmo Station in Columbia, S.C., through a subsidiary, using a $10.7 million mortgage loan. A Kroger grocery store anchors the 99,000-square-foot retail asset.

By Laura Calugar

Irmo Station in Columbia, S.C.
Irmo Station in Columbia, S.C.

Preferred Apartment Communities Inc. (PAC) purchased Irmo Station, an approximately 99,384-square-foot shopping center in the Columbia, S.C., MSA and anchored by a 56,942-square foot Kroger grocery store. PAC acquired this asset through its wholly owned subsidiary, New Market Properties LLC. The company financed the acquisition utilizing a non-recourse first mortgage loan from Nationwide Mutual Insurance Co. The first mortgage loan is approximately $10.7 million, bears interest at fixed rate of 3.94 percent per annum and matures in 2030. There are no loan guarantees provided by PAC or its operating partnership. 

Located at 7467 St. Andrews Road in Irmo, a Columbia suburb, the shopping center is just one mile off of Interstate 26, the main highway connecting Greenville, S.C., to Charleston, S.C. More than 42,000 people live within a three-mile radius of the property, with average incomes of more than $82,000.

Expanding portfolio

New Market closed on more than $330 million of retail in 2016 alone. Six of the company’s shopping centers are in The Palmetto State.  

“The acquisition of Irmo Station increases the size of our retail portfolio to 34 grocery-anchored shopping centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt markets with strong demographics,” said New Market President & CEO Joel Murphy, in a prepared statement.

Image via Google Street View

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