Preferred Apartment Communities buys Naples shopping center for $19m

A 126,895 square foot shopping center anchored by Publix and Walgreens in Naples, Florida has been sold for $19 million to Preferred Apartment Communities. Situated on 14.36 acres at 6029 Pine Ridge Road in Naples, Crossroads Market is currently 98 percent leased to tenants including Crunch Fitness, Giovanni Italian Ristorante, Physicians Regional Health Care, Chase Bank and Subway. Holliday Fenoglio Fowler represented the seller a private real estate fund advised by Crow Holdings Capital – Real Estate. HFF, working on behalf of the new owner, secured a 12-year, fixed-rate, 3.95-percent, non-recourse loan with Nationwide Life Insurance Company. Since January 2012, HFF has brokered the sale of 37 Publix-anchored centers in FLorida.