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| Joel T. Murphy |
ATLANTA, GA /PRNewswire/
-- Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the
"Company") announced the acquisition of Rockbridge Village, an approximately 102,432 square foot shopping
center located in the Atlanta, GA MSA and anchored by a 68,632 square foot
Kroger grocery store.
Rockbridge Village is
strategically located off of Stone Mountain Parkway at the intersection of
Rockbridge Road and Five Forks Trickum Road in Gwinnett County.
PAC acquired this asset
through its wholly-owned subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief
Executive Officer of New Market said about the acquisition,
"We are
thrilled to partner again with a strong market leader such as Kroger, who has
demonstrated their long term commitment to this high volume location by
recently completing a major interior renovation."
Mr. Murphy added,
"The acquisition of Rockbridge Village increases the size of our retail
portfolio to 33 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."
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| Kroger Supermarket, Rockbridge Village Shopping Center, Gwinnett County, GA |
The Company financed the
acquisition utilizing a non-recourse first mortgage loan from The Prudential
Insurance Company of America.
The first
mortgage loan is approximately $14.25 million, bears interest at fixed rate of
3.75% per annum and matures on June 6, 2027.
There are no loan guaranties provided by PAC or its operating
partnership.
For a complete copy of the company’s news release,
please contact:
Nick Banaszak • The
Wilbert Group
1720 Peachtree St., Suite
350 • Atlanta, Ga. 30309
M: 256-457-5384
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