HFF closes sale of and secures $10.65 million financing for Kroger-anchored retail center near Columbia, South Carolina

 

Irmo Station Retail Center, Irmo, SC

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.

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

ohennessey@hfflp.com

www.pacapts.com.

www.rpai.com.

www.newmarketprop.com.