{"id":1004241248,"date":"2018-07-10T22:49:16","date_gmt":"2018-07-11T06:49:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004241248"},"modified":"2022-12-08T14:30:14","modified_gmt":"2022-12-08T22:30:14","slug":"pac-nabs-122-ksf-charlotte-area-retail-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/","title":{"rendered":"Preferred Apartment Communities Nabs Charlotte-Area Retail Asset"},"content":{"rendered":"<p>By Laura Calugar<\/p>\n<div id=\"attachment_1004241251\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004241251\" data-attachment-id=\"1004241251\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/brawley-commons\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg\" data-orig-size=\"1065,799\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D810&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1494265753&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;23&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"brawley-commons\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg?w=1024\" class=\"wp-image-1004241251 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg\" alt=\"Brawley Commons\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg 1065w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004241251\" class=\"wp-caption-text\">Brawley Commons<\/p><\/div>\n<p>Preferred Apartment Communities has acquired Brawley Commons through its retail subsidiary, New Market Properties. Located in Mooresville, N.C., the shopping center comprises more than a 122,000 square feet. CBRE arranged the deal on behalf of the seller, a joint venture between Glenwood Development Co. and Magnolia Development Co.<\/p>\n<p>Situated just to the west of Interstate 77, at the entrance to the Brawley Peninsula of Lake Norman, Brawley Commons went through a major renovation in 2016. The former owners added the 49,098-square-foot Publix grocery store and also renovated the rest of the center. Pet Supermarket, MOD Pizza, OrangeTheory Fitness, SuperCuts and Jersey Mikes are among the tenants of the 1998-built asset, which has a volume traffic count of more than 54,000 cars per day. &nbsp;<\/p>\n<p>PAC financed the acquisition using an $18.5 million non-recourse first mortgage loan from Nationwide, which bears interest at a&nbsp;fixed rate of 4.4 percent per year and has a term of 10 years. PAC and its operating partnership did not provide any loan guarantees.&nbsp;<\/p>\n<p><em>&#8220;Brawley Commons is our second asset in the Charlotte, North Carolina MSA and adds to the geographical diversity of our portfolio. This acquisition increases the size of our portfolio to 44 <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-strategies-grocery-stores-e-commerce\/\">grocery-anchored shopping centers<\/a> across seven Sunbelt states,\u201d<\/em> said Joel Murphy, president &amp; CEO of New Market Properties, in a prepared statement.<\/p>\n<p>CBRE National Retail Partners\u2019 Charlotte-based team of Mike Burkard and Steve Shields represented the seller in this transaction. &nbsp;<\/p>\n<p><em>Image courtesy of CBRE <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company used an $18.5 million loan from Nationwide to finance the acquisition. CBRE facilitated the sale of Brawley Commons on behalf of the seller. <\/p>\n","protected":false},"author":238,"featured_media":1004241251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21743,21783,21742,21749],"tags":[32789,35188,33087,33964],"class_list":["post-1004241248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-deals","category-investment","category-latest","category-retail","tag-cbre","tag-new-market-properties-llc","tag-preferred-apartment-communities-inc","tag-publix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Preferred Apartment Communities Nabs Charlotte-Area Retail Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preferred Apartment Communities Nabs Charlotte-Area Retail Asset\" \/>\n<meta property=\"og:description\" content=\"The company used an $18.5 million loan from Nationwide to finance the acquisition. CBRE facilitated the sale of Brawley Commons on behalf of the seller.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-11T06:49:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:30:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1065\" \/>\n\t<meta property=\"og:image:height\" content=\"799\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Laura Valean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/\",\"name\":\"Preferred Apartment Communities Nabs Charlotte-Area Retail Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg\",\"datePublished\":\"2018-07-11T06:49:16+00:00\",\"dateModified\":\"2022-12-08T22:30:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/2f8b737fce677cc406c08a2c29c1ff38\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/brawley-commons.jpg\",\"width\":1065,\"height\":799},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-122-ksf-charlotte-area-retail-property\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Preferred Apartment Communities Nabs Charlotte-Area Retail Asset\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/2f8b737fce677cc406c08a2c29c1ff38\",\"name\":\"Laura Valean\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Laura-Calugar.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Laura-Calugar.jpg?w=96\",\"caption\":\"Laura Valean\"},\"description\":\"Laura Valean is an Executive Editor with Commercial Property Executive and Multi-Housing News. 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