Preferred Apartment Communities Buys Sprouts-Anchored Shopping Center in Metro Atlanta

CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Lakeland Plaza, a 301,711-square-foot shopping center located at the intersection of Georgia 400 and Highway 20 in Cumming. The shopping center is anchored by a 29,855-square-foot Sprouts Farmers Market and an 86,479-square-foot Belk. PAC acquired Lakeland Plaza through its wholly owned subsidiary New Market Properties LLC. Protective Life Insurance Co. provided a 10-year acquisition loan on behalf of PAC that features a fixed 3.85 interest rate. The seller and sales price were not disclosed.