Friday , 30 September 2016
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Shopping Center Portfolio: Houston, Atlanta and Fla. Projects Sold for $74 Million

ATLANTA – Preferred Apartment Communities of Atlanta has acquired a portfolio of retail centers – including grocery-anchored centers in Houston; Atlanta; Orlando; Tampa; Columbus, Ga. and Charleston, S.C. for $74.2 million.

HFF marketed the 514,000-sf portfolio on behalf of the Germany-based sellers, a joint venture between BVT Equity Holdings, Inc. and WealthCap.

The properties include: Kingwood Glen in Houston; Doral Isles in Miami; Barclay Crossing in Tampa; Deltona Landings in Orlando; Parkway Centre in Columbus, Ga.; Publix at Powder Springs in Atlanta; and Sweetgrass Corner in Charleston. The 96.5-percent-occupied retail portfolio consisting of seven Publix-, Kroger- and BI-LO-anchored shopping centers

The HFF investment sales team representing the sellers was led by Richard Reid, Danny Finkle and Ryan West. Rusty Tamlyn and HFF’s Jim Hamilton and Luis Castillo also assisted with the transaction.

“The Sunbelt Grocery Portfolio represented an exceptional opportunity to acquire a critical mass of dominant grocery-anchored properties in prime real estate markets throughout the southern United States,” Reid said.

Preferred transferred its right to purchase the seventh shopping center in the portfolio, located in Miami, Florida, to Publix. “The addition of these six assets to our current portfolio broadens the base of our retail platform. We believe these centers have great economic and strategic value for the Company,” said Leonard A. Silverstein, PAC’s President and Chief Operating Officer.

PAC acquired these assets through its wholly-owned subsidiary New Market Properties, LLC.  Joel T. Murphy, President and Chief Executive Officer of New Market Properties, LLC, said “We believe these six shopping centers are in areas with strong economic fundamentals and have solid anchor tenants.”

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