Company Buys Cherokee County Shopping Center

CANTON, GA -- Preferred Apartment Communities this week announced the acquisition of Woodmont Village, a roughtly 85,639-square-foot shopping center located in Cherokee County.

Woodmont Village, located at the corner of S.R. 20/Cumming Highway and East Cherokee Drive in the Macedonia community, is anchored by a 54,139-square-foot Kroger grocery store.

PAC acquired this asset through its wholly-owned subsidiary New Market Properties, LLC. The parent company's policy prohibits the disclosure of sale prices for any transaction, said Nick Banaszak of The Wilbert Group (SIGN UP: Get Patch's Daily Newsletter and Real Time News Alerts. Or, if you have an iPhone, download the free Patch app).

"We believe Kroger is complemented well with a strong blend of national credit tenants and local service operators that will continue to drive traffic to the center," said Joel T. Murphy, president and CEO of New Market said. "The acquisition of Woodmont Village increases the size of our retail portfolio to 36 grocery-anchored shopping centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned and highly accretive grocery-anchored shopping centers in suburban Sunbelt markets with strong demographics."

New Market financed the acquisition utilizing a non-recourse first mortgage loan from Protective Life Insurance Company. The first mortgage loan is about $8.8 million, bears interest at fixed rate of 4.125 percent per annum and matures on Oct. 1, 2027. There are no loan guaranties provided by PAC or its operating partnership.

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Maryland-based Preferred Apartment Communities acquires and operates multi-family properties in select markets around the country.

Images via The Wilbert Group