NEW MARKET PROPERTIES, LLC ACQUIRES GROCERY-ANCHORED SHOPPING CENTER AT CROSSROADS MARKET

PRNEWSWIRE.COM

ATLANTA, Dec. 5, 2017 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced the acquisition of  Crossroads Market, a 98% leased 126,895 square foot shopping center located in Naples, Florida, and anchored by a 55,999 square foot Publix grocery store. Crossroads Market is strategically located just off of I-75 at the entrance to the Vineyards luxury golf community and directly across from the Physicians Regional Medical Center.

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 expand our presence in the state of Florida, with a market dominant grocer like Publix. We believe Crossroads Market, with its strong demographics anchored by a high sales per square foot grocer like Publix will continue to thrive near and long term.” Mr. Murphy added, “The acquisition of Crossroads Market increases the size of our retail portfolio to 39 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.”