NEW MARKET PROPERTIES, LLC ACQUIRES FIRST GROCERY-ANCHORED SHOPPING CENTER IN MARYLAND

PRNEWSWIRE.COM

ATLANTA, May 28, 2019 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its acquisition of Free State, a 264,152 square foot shopping center located in the Washington, DC MSA and anchored by a Giant Food grocery store. Free State is located in Bowie, Maryland, approximately 15 miles east of Washington, DC and 20 miles south of Baltimore, Maryland.

PAC acquired this asset through its wholly-owned indirect subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer of New Market said, “This acquisition increases the size of our portfolio to 47 grocery-anchored shopping centers across nine states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt and Mid-Atlantic markets with strong demographics that are anchored by market leading grocers.” Michael Aide, Senior Vice President, Director of Investments of New Market added, “Free State marks our entry into the Washington, DC MSA as we continue to expand our Sunbelt and Mid-Atlantic portfolio. In addition to Giant Food, the #1 market share traditional grocer in the market, the tenant portfolio also includes high performing retailers such as TJ Maxx, Ross and Tuesday Morning. Free State has very attractive demographics with a three-mile population of 52,000 residents and average household incomes exceeding $135,000.” Free State was purchased all cash.

Read Full Article >