New Market Properties, LLC Acquires Grocery-Anchored Shopping Center at Rockbridge Village

PRNEWSWIRE.COM

ATLANTA, June 6, 2017 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced the acquisition of Rockbridge Village, an approximately 102,432 square foot shopping center located in the Atlanta, GA MSA and anchored by a 68,632 square foot Kroger grocery store. Rockbridge Village is strategically located off of Stone Mountain Parkway at the intersection of Rockbridge Road and Five Forks Trickum Road in Gwinnett County.

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 a strong market leader such as Kroger, who has demonstrated their long term commitment to this high volume location by recently completing a major interior renovation.” Mr. Murphy added, “The acquisition of Rockbridge Village increases the size of our retail portfolio to 33 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.”

The Company financed the acquisition utilizing a non-recourse first mortgage loan from The Prudential Insurance Company of America. The first mortgage loan is approximately $14.25 million, bears interest at fixed rate of 3.75% per annum and matures on June 6, 2027. There are no loan guaranties provided by PAC or its operating partnership.

Read Full Article