PAC Lands New Retail Deal in Atlanta
- Sep 13, 2017
Preferred Apartment Communities picked up another retail property in the Atlanta metropolitan area through its wholly-owned subsidiary New Market Properties. After Rockbridge Village, a 102,432-square-foot retail center in Stone Mountain, Ga., the company purchased Woodmont Village, which consists of 85,639 square feet and is located in Canton, Ga. Both shopping malls are anchored by a Kroger grocery store.
“We believe Kroger is complemented well with a strong blend of national credit tenants and local service operators that will continue to drive traffic to the center,” said Joel Murphy, New Market’s president & CEO, in prepared remarks.
The 36th grocery-anchored shopping center
Woodmont Village marks PAC’s 36th grocery-anchored shopping center acquisition across seven Sunbelt states. The property is part of a rapidly growing corridor of Cherokee County, at the intersection of GA Highway 20 and Cherokee Road. The component Kroger occupies consists of 54,139 square feet, the rest of the space being leased by tenants such as Subway, Applause and a local restaurant. The nearby area is also home to a Wells Fargo Bank.
The acquisition was financed through a non-recourse first mortgage loan from Protective Life Insurance Co. of approximately $8.8 million. The 10-year loan features an annual fixed-rate interest.
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