November 18, 2019
New Market Properties, a wholly-owned indirect subsidiary of Preferred Apartment Communities, has acquired Berry Town Center, a 99,441-square-foot shopping center anchored by a Publix grocery store in Orlando, five miles southwest of Disney World. The sales price was not disclosed.
Located at the intersection of Highway 27 and Sand Mine Road, the center was renovated in 2006 and features a tenant roster that includes SunTrust, IHOP, The UPS Store and Applebee’s. The acquisition was financed with a first mortgage loan from lender John Hancock. Berry Town Center is the firm’s fourth asset in Orlando and 26th Publix-anchored center in the U.S., making New Market the fourth largest Publix landlord in the country.
“This acquisition increases the size of our portfolio to 51 grocery-anchored centers in nine states with 5.75 million square feet, consistent with our strategy to acquire well-positioned grocery-anchored centers in suburban Sunbelt and Mid-Atlantic markets with strong demographics that are anchored by market-leading grocers,” said Michael Aide, director of investments at New Market.
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