PAC Snags $19M FL Shopping Center
- Dec 08, 2017
Preferred Apartment Communities Inc. (PAC) has expanded its Florida portfolio with the acquisition of Crossroads Market, a 126,895-square-foot shopping center in Naples, Fla. The $19 million deal was carried out through PAC’s wholly-owned subsidiary New Market Properties LLC., while HFF marketed the property on behalf of the seller, a private real estate fund advised by Crow Holdings Capital – Real Estate.
Situated on a 14.4-acre lot at 6029 Pine Ridge Rd., Crossroads Market is located at the entrance to the Vineyards luxury golf community and is in close proximity to the Physicians Regional Medical Center. The retail center is anchored by a 55,999-square-foot Publix grocery store and has a 98 percent occupancy rate.
“The acquisition of Crossroads Market increases the size of our retail portfolio to 39 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,” said Joel Murphy, president & chief executive officer of New Market Properties, in prepared remarks.
PAC financed the acquisition through a non-recourse, first mortgage loan from Nationwide Life Insurance Co. With a 12-year rate, the loan bears interest at a 4 percent fixed yearly rate. No loan guaranties were provided by PAC or New Market Properties.
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