Preferred Apartment Communities, Inc. announced its acquisition on April 27, 2018 of two grocery-anchored shopping centers with an aggregate of approximately 139,000 square feet located in the Atlanta, Georgia and Nashville, Tennessee MSAs.

The two properties were acquired in one transaction with the same seller. Governors Towne Square is located in Acworth, a high growth suburb in the Atlanta, Georgia MSA and is anchored by a 44,840 square foot Publix grocery store.  Greensboro Village is located in Gallatin, also a high growth suburb in the Nashville, Tennessee MSA and is anchored by 45,600 square foot Publix grocery store.

PAC acquired these assets 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 add two more Publix anchored centers to our growing Sunbelt portfolio.  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."  The assets were purchased all cash.