February 10, 2020
Preferred Apartment Communities (PAC) has acquired Wakefield Crossing, a grocery-anchored shopping center in Raleigh. The sales price was not disclosed.
The 75,927 square foot shopping center is anchored by Food Lion and is located at the entrance of the master-planned Wakefield community, home to Wakefield Elementary, middle and high schools. PAC made the investment through its wholly-owned indirect subsidiary New Market Properties
“Wakefield Crossing Shopping Center is our third shopping center in the Raleigh MSA,” said Michael Aide, executive vice president at New Market. “We now own 53 grocery-anchored centers, all of which are 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.”
The seller was not disclosed.
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