New Market Properties, LLC Acquires Grocery-Anchored Shopping Center at Irmo Station

PRNEWSWIRE.COM

ATLANTAJuly 27, 2017 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today 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.”