PAC Acquires Harris Teeter-Anchored Center in Metro Charlotte for $14.3M

FORT MILL, S.C. — Preferred Apartment Communities (PAC) has purchased West Town Market, a 67,883-square-foot shopping center in Fort Mill, a South Carolina suburb of Charlotte, for $14.3 million. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. Thomas Kolarczyk, Richard Reid, Ted Hill and Mike Allison of HFF represented the seller, Retail Properties of America Inc. Ed Coco and Matt Casey of HFF secured an eight-year, $9 million loan with a 3.65 percent interest rate through Nationwide Life Insurance Co. on behalf of New Market Properties. A 48,220-square-foot Harris Teeter grocery store anchors West Town Market, which is located in the Highway 160 corridor. The retail center is also home to Pizza Hut, Great Clips and The UPS Store. The acquisition of West Town Market increases New Market’s retail portfolio to 37 grocery-anchored shopping centers across seven states.