ATLANTA, June 12, 2019 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its acquisition of two grocery-anchored shopping centers in the Tampa/St. Petersburg and West Palm Beach, Florida MSA’s.  Disston Plaza, a 129,150 square foot, Publix anchored shopping center is located in a densely populated submarket of St. Petersburg with over 134,000 residents within a three-mile radius. This infill location is strategically positioned at the intersection of 49th Street North and 38th Avenue North, which has traffic counts over 40,000 vehicles per day. Polo Grounds Mall, a 130,015 square foot Publix anchored shopping center, is located in West Palm Beach and serves a dense trade area that includes 147,000 residents within a three-mile radius.  Polo Grounds is located at the 70,000 vehicle per day intersection of Military Trail and Summit Blvd.

PAC acquired these assets through its wholly-owned indirect subsidiary New Market Properties, LLC.  Joel T. Murphy, President and Chief Executive Officer of New Market said, “We now own 49 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, “These two Publix centers are solid additions to our Florida portfolio taking our total number of Publix anchored centers to 25.”  

These acquisitions were financed utilizing separate first mortgage loans for each property from Thrivent Financial.

Read Full Article >