PAC Announces Acquisition of a Grocery-Anchored Shopping Center Through New Market Properties
Friday, December 1st, 2017
Preferred Apartment Communities, Inc. announced the acquisition of the Roswell Wieuca Shopping Center, a 100% leased 74,370 square foot shopping center located in Atlanta, Georgia, which is anchored by a 22,921-square-foot Fresh Market grocery store. The Roswell Wieuca Shopping Center is located in the highly affluent Atlanta submarket of Buckhead and Chastain Park, on the corner of Roswell Road and Wieuca Road.
PAC acquired this asset through its wholly-owned subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer of New Market said about the acquisition, "We are pleased to acquire this iconic grocery anchored asset in the affluent submarket of Buckhead from a local family that had owned the property for over 70 years. This irreplaceable location has extremely high barriers to entry, with over 720 feet of unobstructed visibility along Roswell Road and five access points into the center. We believe the tenancy will continue to benefit from these strong fundamentals in addition to the impressive surrounding demographics represented by the three-mile population of over 92,000 people and household incomes that exceed $145,000." Mr. Murphy added, "The acquisition of the Roswell Wieuca Shopping Center increases the size of our retail portfolio to 38 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." The center was purchased all cash and does not have any mortgage financing.