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PAC Snags $19M FL Shopping Center

By Tony Seruga

New Market Properties LLC, the company’s wholly-owned subsidiary, purchased Crossroads Market in Naples, Fla. The shopping center is anchored by a Publix grocery store.

Preferred Apartment Communities Inc. (PAC) has expanded its Florida portfolio with the acquisition of Crossroads Market, a 126,895-square-foot shopping center in Naples, Fla. The $19 million deal was carried out through PAC’s wholly-owned subsidiary New Market Properties LLC., while HFF marketed the property on behalf of the seller, a private real estate fund advised by Crow Holdings Capital – Real Estate.

Situated on a 14.4-acre lot at 6029 Pine Ridge Rd., Crossroads Market is located at the entrance to the Vineyards luxury golf community and is in close proximity to the Physicians Regional Medical Center. The retail center is anchored by a 55,999-square-foot Publix grocery store and has a 98 percent occupancy rate…

PAC Snags $19M FL Shopping Center

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