 |
| Joel T. Murphy |
ATLANTA, GA -- Preferred
Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company")
announced the acquisition on July 26,
2017 of Irmo Station, an
approximately 99,384 square foot shopping center located in the Columbia, South
Carolina MSA and anchored by a 56,942 square foot Kroger grocery store.
Irmo Station is strategically located just one
mile off of Interstate Highway 26 (I-26), the main highway connecting
Greenville, South Carolina to Charleston, South Carolina through Columbia.
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 Kroger on this high sales volume location, and
we believe the tenants at Irmo Station will continue to benefit from the surrounding
dense three mile population of approximately 42,000 people and the affluent
households with incomes of over $82,000."
Mr. Murphy added,
"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."
The Company financed the
acquisition utilizing a non-recourse first mortgage loan from Nationwide Mutual
Insurance Company. The first mortgage
loan is approximately $10.65 million, bears interest at fixed rate of 3.94% per
annum and matures on July 26, 2030.
There are no loan guaranties provided by PAC or its operating partnership.
For a
complete copy of the company’s news release, please contact:
Caroline Moore • The
Wilbert Group
1720 Peachtree St., Suite
350 • Atlanta, GA 30309
O: 404-254-1484 • M:
843-360-9851
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