A subsidiary of Atlanta-based Preferred Apartment Communities paid $15.05 million on Friday for its third large shopping center in Greater Orlando.
New Market Properties is a wholly-owned indirect subsidiary of PAC, and owns 43 grocery-anchored shopping centers in seven Sunbelt states.
Located at 4400 Curry Ford Road on the signalized intersection with Conway Road, the Conway Plaza shopping center was built primarily in 1999. It features 117,723 square feet of leasable area, is anchored by a 37,888-square-foot Publix, and is seen by an average of 66,000 vehicles per day through the intersection.
New Market bought a majority of the shopping center at 12.879 acres, along with an adjacent 3.9-acre vacant stormwater lot. It had an estimated 10,000 square feet across four bays available for lease at time of sale. Retail Solutions Advisors is now marketing the space.
The sale was recorded Tuesday in Orange County. Officials with the buyer did not respond to requests for comment.
It's the company's third retail center asset in Greater Orlando. New Market financed the acquisition with a non-recourse first mortgage loan of $9.8 million from The Prudential Insurance Company of America, with a fixed rate of 4.45 percent and 10-year term.
The seller was an affiliate of DDR Corp., which acquired the property in 2007 as part of its $6.2 billion acquisition of Inland Retail Real Estate Trust, which at the time comprised 800 retail properties in 45 states, Puerto Rico and Brazil.