Preferred Apartment Communities Snags Orlando Shopping Center
- Jul 11, 2018
Preferred Apartment Communities Inc. (PAC) has acquired Conway Plaza, a 117,705-square-foot retail asset in Orlando, Fla. PAC purchased the property through its subsidiary, New Market Properties. According to public records, DDR Corp. disposed of the grocery-anchored shopping center.
PGIM Real Estate Finance provided a $9.8 million non-recourse first mortgage loan for the acquisition. The loan has a yearly fixed interest rate of 4.5 percent, with a 10-year term.
The property is located at the intersection of Conway Road (Route 15) and Curry Ford Road (Route 552), being exposed to more than 66,000 cars per day. Central Orlando and Orlando Executive Airport are both within a 10-minute drive of the site. A 37,888-square-foot Publix grocery store anchors the shopping center.
“Conway Plaza marks our third asset in the Orlando MSA anchored by market leading Publix Super Market and our sixth grocery anchored center in the state,” said Joel Murphy, president & chief executive officer of New Market Properties, in a prepared statement. “We believe Conway Plaza, with its strong performing Publix with over 50 years of operating history, will continue to thrive near and long term.”
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