Preferred Apartment Communities Acquires Wade Green Village
- Mar 02, 2016
Atlanta–Preferred Apartment Communities Inc. (PAC) recently announced the acquisition of Wade Green Village, an approximately 75,000-square-foot shopping center anchored by a 47,814-square-foot Publix grocery store. Tenants of the center include Chase Bank and Subway, among others.
The purchase of Wade Green Village is consistent with the company’s strategy to acquire well-positioned retail centers in suburban Sunbelt markets anchored by market leaders such as Publix. Publix has a long operating history in this center, along with many of the other small shop tenants. PAC acquired this asset through its wholly-owned subsidiary New Market Properties LLC.
“The structure of this acquisition validates the ‘upREIT’ design of Preferred Apartment Communities. That is, we are able to utilize operating partnership units of our subsidiary, Preferred Apartment Communities Operating Partnership, as another form of currency given to the contributor that provides both favorable tax treatment to the contributor and favorable pricing to us as the acquirer,” John Williams, PAC chairman & CEO said in a statement.
Wade Green Village is located at the intersection of Wade Green Road and Wooten Lake Road in Cobb County, just east of the I-75.
Preferred Apartment Communities is a Maryland-based corporation established to acquire and operate multifamily properties, as well as real estate-related investments such as grocery-anchored shopping centers, senior mortgage loans and subordinate loans throughout the United States.
Image courtesy of Wade Green Village