HFF announces Sale and $19M Financing of Grocery-anchored Shopping Center in Naples, Florida

12/5/17

Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and the $19 million acquisition financing for Crossroads Market, a 126,895-square-foot shopping center anchored by Publix and Walgreens in Naples, Florida.

The HFF team marketed the property on behalf of the seller a private real estate fund advised by Crow Holdings Capital – Real Estate. New Market Properties, LLC, a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS), purchased the asset. Additionally, working on behalf of the new owner, HFF placed the 12-year, fixed-rate, 3.95-percent, non-recourse loan with Nationwide Life Insurance Company.

Crossroads Market is 98.1 percent leased to a variety of national and regional tenants, including anchors Publix and Walgreens, Crunch Fitness, Giovanni Italian Ristorante, Physicians Regional Health Care, Chase Bank and Subway. Situated on 14.36 acres at 6029 Pine Ridge Road, the center is near the Interstate 75 interchange and at the entrance to the 1,400-acre Vineyard luxury golf course residential community. The center is also adjacent to the 365,000-square-foot Physicians Regional Medical Center. Crossroads Market is in Naples, one of Florida’s most affluent communities, and more than 57,100 residents earning an average annual household income of $91,549 live within a three-mile radius of the center.

The HFF team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo and director Eric Williams.

The HFF debt placement team representing the borrowers consisted of senior managing director Ed Coco, senior director Nat Scarmazzi and associate Matt Casey.

“We continue to see exceptional demand for successful retail centers like Crossroads Market,” Castillo said. “The strength of tenancy and strategic location within the affluent Naples market made this an ideal acquisition for New Market Properties.”

“New Market Properties continues to build a sizeable portfolio anchored by market-leading grocers,” Coco added. “With increasing Publix sales and a highly visible infill location, Crossroads Market represents another acquisition with strong fundamentals in a desirable Naples community.”

Since January 2012, HFF has brokered the sale of 37 Publix-anchored centers and more than 26.46 million square feet of retail property sales in Florida.

About Crow Holdings Capital – Real Estate

Crow Holdings Capital – Real Estate (CHC – Real Estate) is a prominent, North American-focused asset manager of private equity real estate funds. Since 1998, CHC – Real Estate and CHC-affiliated entities have managed eleven funds with equity capital totaling approximately $6.85 billion, with which over 18.4 billion in assets have been acquired or developed. CHC – Real Estate’s funds are designed to generate current income and benefit from the capital appreciation of portfolio investments. For more information please visit crowholdingscapital-re.com.

About New Market Properties

New Market Properties, LLC (New Market) is a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS), and is focused on the grocery anchored retail shopping center sector. New Market currently owns and operates a portfolio of 37 grocery anchored shopping centers in seven Sunbelt states. Its strategy is to aggressively grow this existing portfolio in the Mid-Atlantic, Southeast, Florida and Texas. New Market targets high quality suburban markets with dominant grocers such as Publix, Kroger, Harris Teeter, Tom Thumb and HEB. Learn more atwww.newmarketprop.com.

About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of the corporation’s business strategy, it may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and the company may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, Preferred Apartment Communities, Inc. may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of its assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by its manager as appropriate for us. Learn more at pacapts.com.

About HFF

HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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