HFF Announces $14.25M Sale and $9M Financing of Fully Leased Charlotte-area Retail Center

9/27/17

Holliday Fenoglio Fowler, L.P. (HFF) announces the $14.25 million sale of and the $9 million acquisition financing for West Town Market, a 67,883-square-foot, fully leased, Harris Teeter-anchored neighborhood shopping center in the Charlotte-area suburb of Fort Mill, South Carolina.

The HFF team marketed the property for the seller, Retail Properties of America, Inc. (NYSE: RPAI). New Market Properties, LLC, a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS), purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, HFF placed the eight-year, fixed-rate, 3.65-percent, non-recourse loan with Nationwide Life Insurance Company. This sale and financing follow the previously-announced sale and financing of Irmo Station in Irmo, South Carolina, involving the same seller, buyer, lender and HFF team.

Completed in 2004, West Town Market’s two buildings are home to 13 tenants, including Harris Teeter, Pizza Hut, Great Clips and The UPS Store. The center is situated on six acres at 1750 West Highway 160 West in Fort Mill, a rapidly growing Charlotte suburb, along the highly trafficked Highway 160 corridor with approximately 29,700 vehicles per day. West Town Market is just off Interstate 77 in an infill location on the “going home” side of the road. More than 34,000 residents earning an average annual household income of $103,000 live within three miles of the center.

The HFF investment sales team representing the seller included director Thomas Kolarczyk, senior managing director Richard Reid, senior associate Ted Hill and associate Mike Allison.

The HFF debt placement team representing the borrower consisted of senior managing director Ed Coco and associate Matt Casey.

“This is a rare opportunity to acquire a high-performing, Harris Teeter-anchored shopping center with limited grocer competition in a rapidly growing, affluent submarket," Kolarczyk said. "West Town Market is a generational asset that will continue to thrive as Fort Mill grows and matures as a preferred suburb of Charlotte.”

About RPAI

Retail Properties of America, Inc. is a REIT that owns and operates high quality, strategically located shopping centers in the United States. As of June 30, 2017, the company owned 132 retail operating properties representing 23.3 million square feet. The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the company is available at www.rpai.com.

About New Market Properties

New Market Properties, LLC (New Market) is a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS), and is focused on the grocery anchored retail shopping center sector. New Market currently owns and operates a portfolio of 37 grocery anchored shopping centers in seven Sunbelt states. Its strategy is to aggressively grow this existing portfolio in the Mid-Atlantic, Southeast, Florida and Texas. New Market targets high quality suburban markets with dominant grocers such as Publix, Kroger, Harris Teeter, Tom Thumb and HEB. Learn more atwww.newmarketprop.com.

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of the corporation’s business strategy, it may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and the company may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, Preferred Apartment Communities, Inc. may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of its assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by its manager as appropriate for us. At June 30, 2017, the company was the approximate 97.3 percent owner of Preferred Apartment Communities Operating Partnership, L.P., the company's operating partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. Learn more at www.pacapts.com.

About HFF

HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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