New Market Properties, LLC Acquires Grocery-Anchored Shopping Center at Castleberry-Southard

PRNEWSWIRE

Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced the acquisition on April 21, 2017 of Castleberry-Southard, a 80,018 square foot shopping center located in the Atlanta, GA MSA and anchored by a 45,600 square foot Publix grocery store.  Castleberry-Southard is located in Forsyth County, the 11th fastest growing county in the U.S., and is located off of Georgia 400 at the intersection of Castleberry Road and Bethelview Road.

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 believe the synergistic tenant mix of Castleberry-Southard with their strong historical sales performance will continue to benefit from the area’s rapid residential growth.”  Mr. Murphy added, “The acquisition of Castleberry-Southard increases the size of our retail portfolio to 32 grocery-anchored centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned grocery-anchored centers in suburban Sunbelt markets with strong demographics.”

The Company financed the acquisition utilizing a non-recourse first mortgage loan from Principal Life Insurance Company.  The first mortgage loan is approximately $11.5 million, bears interest at fixed rate of 3.99% per annum and matures on May 1, 2027.  There are no loan guaranties provided by PAC or its operating partnership.