August 10, 2016
Preferred Apartment Communities, Inc. (PAC) struck a deal with Hines non-listed Real Estate Investment Trust to acquire seven grocery-anchored shopping centers in four states, including Georgia, Florida, Texas and North Carolina. The Atlanta-based investor paid a total of $158 million for the properties, which total approximately 650,400 square feet.
The properties in the portfolio are:
- Thompson Bridge Commons, Cherokee Plaza, and Sandy Plains Exchange, all in Atlanta, GA
- Shoppes at Parkland, Parkland, FL
- University Palms, Oviedo, FL
- Heritage Station, Wake Forest, NC
- Oak Park Village, San Antonio, TX
The properties are anchored by Kroger, Publix and HEB grocery stores. PAC acquired these assets through its wholly-owned subsidiary New Market Properties, LLC.
Hines REIT sponsor, Hines of Houston, recently approved a plan to liquidate and dissolve its retail REIT. The properties sold to PAC were part of that portfolio. As part of the dissolution, the company also agreed to sell seven West Coast office assets to Blackstone Real Estate Partners VIII.
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