Atlanta-based Preferred Apartment Communities announced Thursday that it has acquired Irmo Station, a nearly 100,000-square-foot shopping center at 7467 St. Andrews Road. The shopping center is anchored by a 56,942-square-foot Kroger grocery store.
The facility was bought through Preferred Apartment’s Market Properties LLC.
The company financed the acquisition utilizing a non-recourse first mortgage loan from Nationwide Mutual Insurance Company. The first mortgage loan is approximately $10.65 million, bears interest at fixed rate of 3.94% per annum and matures on July 26, 2030. There are no loan guaranties provided by PAC or its operating partnership.
“We are thrilled to partner again with Kroger on this high sales volume location, and we believe the tenants at Irmo Station will continue to benefit from the surrounding dense three-mile population of approximately 42,000 people and the affluent households with incomes of over $82,000,” Joel T. Murphy, President and CEO of New Market, said in a statement. “The acquisition of Irmo Station increases the size of our retail portfolio to 34 grocery-anchored shopping centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt markets with strong demographics.”