Preferred Apartment Communities Buys Grocery-Anchored Shopping Center in Chattanooga

CHATTANOOGA, TENN. — Preferred Apartment Communities Inc. (PAC) has acquired The Overlook at Hamilton Place, a 213,000-square-foot grocery-anchored shopping center in Chattanooga. The center is located at the intersection of Gunbarrel and Shallowford roads across the street from Hamilton Place, the primary super regional mall in the Chattanooga MSA. The Overlook at Hamilton Place is currently 99 percent leased and is anchored by The Fresh Market, Hobby Lobby, Best Buy and Petco. PAC acquired this asset through its wholly-owned subsidiary, New Market Properties LLC. PAC financed the acquisition utilizing a 10-year, 4.19 percent first mortgage loan from Transamerica Life Insurance Co.