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Cary, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Maynard Crossing, a 122,781-square-foot shopping center located in Cary, 11 miles east of Raleigh.
Kroger anchors the property. The sales price was not disclosed, but the company financed the acquisition using an $18.5 million, non-recourse loan from Principal Financial Group. The loan features an interest rate of 3.7 percent and matures on Sept. 1, 2032. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. The acquisition of Maynard Crossing brings New Market Properties’ portfolio to 35 grocery-anchored shopping centers across seven states.