Jul
31

Irmo Shopping Center Sold

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irmo stationAtlanta-based Preferred Apartment Communities announced Thursday that it has acquired Irmo Station, a nearly 99,619-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.

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Categories : Columbia

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