PAC Nabs GA Grocery-Anchored Shopping Center
- Jun 07, 2017
Preferred Apartment Communities Inc. (PAC) purchased Rockbridge Village, a roughly 102,432-square-foot retail center in Stone Mountain, Ga. that is anchored by a 68,632-square-foot Kroger grocery store.
Located at the intersection of Rockbridge Road and Five Forks Trickum Road in Gwinnett County, the asset features entrance signage and superior visibility. The immediate area has 6,406 households within a three-mile radius. The property’s tenant list includes Orangetheory Fitness, Great Clips and AT&T
PAC acquired the asset through its wholly owned subsidiary, New Market Properties LLC, which specializes in the grocery anchored shopping center sector. The company financed the purchase through a non-recourse first mortgage loan originated by The Prudential Insurance Company of America. The almost $14.3 million first mortgage loan bears interest at 3.8 percent fixed rate per annum. PAC or its operating partnership offered no loan guaranties.
“The acquisition of Rockbridge Village increases the size of our retail portfolio to 33 grocery-anchored shopping centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt markets with strong demographics,” Joel Murphy, president & CEO of New Market, said in prepared remarks.
Images courtesy of Colliers