Preferred Apartment Communities Grabs 2 Retail Assets

Publix grocery stores anchor both community shopping centers, which total nearly 140,000 square feet in the Nashville and Atlanta areas.
Governors Towne Square in Acworth, Ga.

New Market Properties, a division of Preferred Apartment Communities, has acquired two grocery store-anchored shopping centers totaling 138,861 square feet near Atlanta and Nashville, Tenn. The seller of both properties was Brixmor, according to public records. New Market purchased the assets on an all-cash basis.

“We are pleased to add two more Publix anchored centers to our growing Sunbelt portfolio,” said Joel Murphy, president & CEO of New Market Properties, in a prepared statement. “This acquisition increases the size of our portfolio to 41 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 and anchored by market leading grocers.”

Grocery-anchored suburban properties

Greensboro Village in Gallatin, Tenn.

The 70,203-square-foot Governors Towne Square, situated 35 miles northwest of Atlanta at 6110 Cedarcrest Road in Acworth, is positioned along U.S. Highway 41. Exposed to 24,900 vehicles per day, according to the Georgia Department of Transportation, the retail asset is anchored by a 44,840-square-foot Publix grocery store. Other tenants include Vintage Liquors, Pacific Spice and Pacific Spice.

Located at 1483 Nashville Pike in Gallatin, Tenn., Greensboro Village sits along U.S. Highway 31 East, providing direct access into central Nashville, 25 miles away. The 68,658-square-foot asset is also anchored by a 45,600-square-foot Publix and 98 percent leased to a mix of tenants, including Edward Jones, Farm Bureau Insurance and a number of restaurants, according to the property’s leasing brochure. Brixmor acquired community shopping center in 2011 for $9.5 million, according to Sumner County records.

Image via Google Maps and Google Street View