New Market closes on 34th center

Formed just three years ago, an aggressive acquirers of grocery-anchored centers has purchased its 34th property.



New Market Properties, a wholly-owned subsidiary of Preferred Apartment Communities, has acquired Irmo Station, a Kroger-anchored center in Columbia, South Carolina. The company targets high-yield suburban markets in Texas and the mid-Atlantic and Southeast regions and market-leading grocery anchors such as Publix, Kroger, and HEB.



“We are thrilled to partner again with Kroger on this high-sales-volume location, and we believe the tenants at Irmo Station will continue to benefit from the surrounding population with [average household] incomes of over $82,000," said New Market CEO Joel T. Murphy.



The company reports having closed on $330 million in retail real estate during 2016.

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