 |
| Joel T. Murphy |
ATLANTA, GA -- Preferred Apartment Communities, Inc.
(NYSE: APTS) ("PAC" or the "Company") announced the
acquisition on September 22, 2017 of West
Town Market, an approximately 67,883 square foot shopping center located in
Fort Mill, South Carolina, an affluent submarket within the Charlotte, North
Carolina MSA and anchored by a 48,220 square foot Harris Teeter grocery store.
West Town Market is strategically located on
the highly-travelled Highway 160 corridor just west of I-77, the main
thoroughfare into downtown Charlotte.
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 pleased to make our market entry into the Charlotte,
North Carolina MSA with a market dominant grocer like Harris Teeter."
Mr.
Murphy added, "The acquisition of West Town Market increases the size of
our retail portfolio to 37 grocery-anchored shopping centers across seven
Sunbelt states, consistent with our strategy to acquire well-positioned and
highly accretive 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 Life Insurance Company.
The first mortgage loan is approximately $9.0 million, bears interest at
fixed rate of 3.64% per annum and matures on October 1, 2025. There are no loan guaranties provided by PAC
or its operating partnership.
For
more information on this press 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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