PAC Lands SC Shopping Center
ByPreferred Apartment Communities Inc. (PAC) purchased Irmo Station, an approximately 99,384-square-foot shopping center in the Columbia, S.C., MSA and anchored by a 56,942-square foot Kroger grocery store. PAC acquired this asset through its wholly owned subsidiary, New Market Properties LLC. The company financed the acquisition utilizing a non-recourse first mortgage loan from Nationwide Mutual Insurance Co. The first mortgage loan is approximately $10.7 million, bears interest at fixed rate of 3.94 percent per annum and matures in 2030. There are no loan guarantees provided by PAC or its operating partnership.
Located at 7467 St. Andrews Road in Irmo, a Columbia suburb, the shopping center is just one mile off of Interstate 26, the main highway connecting Greenville, S.C., to Charleston, S.C. More than 42,000 people live within a three-mile radius of the property, with average incomes of more than $82,000…
