Preferred Apartment Communities Acquires Grocery-Anchored Center Near Columbia

Irmo, S.C. — Preferred Apartment Communities (PAC) has purchased Irmo Station, a 99,384-square-foot shopping center in Irmo, roughly 12 miles northwest of Columbia.

The center is anchored by a 56,942-square-foot Kroger grocery store. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC, and financed the acquisition using a $10.7 million, non-recourse loan from Nationwide Mutual Insurance Co. The loan features a fixed 3.9 percent interest rate and matures in 2030. The acquisition marks New Market Properties’ 34th grocery-anchored shopping center across seven states.