Preferred Apartment Communities (PAC) has acquired Roswell Wieuca Shopping Center in Atlanta, Georgia, US, through its wholly owned subsidiary New Market Properties.
The Roswell Wieuca Shopping Center is located in the Atlanta submarket of Buckhead and Chastain Park, on the corner of Roswell Road and Wieuca Road.
The acquisition is reported to be in line with PAC’s strategy to acquire well-positioned grocery-anchored shopping centres in suburban Sunbelt markets with strong demographics.
The transaction further strengthens New Market Properties’ retail portfolio to 38 grocery-anchored shopping centres across seven Sunbelt states.
New Market Properties president and chief executive officer Joel Murphy said: “We are pleased to acquire this iconic grocery-anchored asset in the affluent submarket of Buckhead from a local family that had owned the property for over 70 years.
“This irreplaceable location has extremely high barriers to entry, with over 720ft of unobstructed visibility along Roswell Road and five access points into the centre.
“We believe the tenancy will continue to benefit from these strong fundamentals in addition to the impressive surrounding demographics represented by the three-mile population of over 92,000 people and household incomes that exceed $145,000.”
The company noted that the centre was purchased entirely in cash and does not have any mortgage financing.