Preferred Apartment Communities Acquires Six-Property Retail Portfolio

by Katie Sloan

Atlanta — Atlanta-based Preferred Apartment Communities Inc. has acquired a six-property, grocery-anchored retail portfolio through its retail subsidiary New Market Properties LLC.

The assets total 535,252 square feet, and are located in Georgia, Alabama and South Carolina. The 96-percent-occupied portfolio consists of  Anderson Central and Fairview Market in Greenville-Spartanburg, South Carolina; Rosewood Shopping Center in Columbia, South Carolina; East Gate Shopping Center and Fury’s Ferry in Augusta, Georgia; and Southgate Village in Birmingham, Alabama. 

Publix anchors five of the properties, and one property is anchored by Walmart Supercenter. Jim Hamilton and Richard Reid of HFF represented the seller, InvenTrust Properties Corp., in the transaction. Ed Coco of HFF placed four separate fixed-rate acquisition loans on behalf of the buyer. 

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