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| Irmo Station Retail Center, Irmo, SC |
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| Ted Hill |
CHARLOTTE, NC –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured
$10.65 million in acquisition financing for Irmo Station, a 99,384-square-foot,
Kroger-anchored, dominant neighborhood retail center in the Columbia-area
community of Irmo, South Carolina.
HFF marketed the property
for the seller, Retail Properties of America, Inc. (RPAI). New Market Properties, LLC, a wholly-owned
indirect subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS),
purchased the asset free and clear of existing debt.
Additionally, working on
behalf of the new owner, HFF placed the 13-year, fixed-rate, 3.94-percent,
non-recourse loan with Nationwide Life Insurance Company.
Located at 7467 St.
Andrews Road in Irmo, Irmo Station is situated northwest of Columbia in an
infill location on the “going home” side of the road in the main retail node of
the Columbia MSA, which is the largest city in South Carolina.
The center is located one
mile off Interstate 26, the main highway connecting Greenville to Charleston
through Columbia. More than 42,000
residents earning an average annual household income of $82,000 live within three
miles of the center.
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| Mike Allison |
In addition to
Kroger, the 92-percent-leased Irmo Station is home to Pet Supplies Plus, Super
Cuts, Firehouse Subs, Kroger Fuel, Pizza Hut, Kobe Express, Palm Beach Tan and
more.
The HFF investment sales
team representing the seller was led by director Thomas Kolarczyk, senior
managing director Richard Reid, senior associate Ted Hill and associate Mike
Allison.
The HFF debt placement
team representing the borrowers was led by senior managing director Ed Coco and associate Matt Casey.
“Irmo Station represented
a rare opportunity to acquire a high-performing, Kroger-anchored shopping
center with limited grocer competition and value-add potential,” Kolarczyk
said. “Well-located grocery-anchored real estate with strong fundamentals continues
to garner significant investor interest and a yield premium.”
For
more information on this news release, please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza,
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | hfflp.com
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