Preferred Apartment Communities Nabs Charlotte-Area Retail Asset
- Jul 11, 2018
Preferred Apartment Communities has acquired Brawley Commons through its retail subsidiary, New Market Properties. Located in Mooresville, N.C., the shopping center comprises more than a 122,000 square feet. CBRE arranged the deal on behalf of the seller, a joint venture between Glenwood Development Co. and Magnolia Development Co.
Situated just to the west of Interstate 77, at the entrance to the Brawley Peninsula of Lake Norman, Brawley Commons went through a major renovation in 2016. The former owners added the 49,098-square-foot Publix grocery store and also renovated the rest of the center. Pet Supermarket, MOD Pizza, OrangeTheory Fitness, SuperCuts and Jersey Mikes are among the tenants of the 1998-built asset, which has a volume traffic count of more than 54,000 cars per day.
PAC financed the acquisition using an $18.5 million non-recourse first mortgage loan from Nationwide, which bears interest at a fixed rate of 4.4 percent per year and has a term of 10 years. PAC and its operating partnership did not provide any loan guarantees.
“Brawley Commons is our second asset in the Charlotte, North Carolina MSA and adds to the geographical diversity of our portfolio. This acquisition increases the size of our portfolio to 44 grocery-anchored shopping centers across seven Sunbelt states,” said Joel Murphy, president & CEO of New Market Properties, in a prepared statement.
CBRE National Retail Partners’ Charlotte-based team of Mike Burkard and Steve Shields represented the seller in this transaction.
Image courtesy of CBRE