Preferred Apartment Acquires 301K-SF GA Retail

New Market Properties LLC, a wholly owned subsidiary of Preferred Apartment Communities Inc., has acquired Lakeland Plaza, a 301,711-square-foot shopping center, anchored by a 29,855-square-foot Sprouts grocery store, and an 86,479-square-foot Belk department store.

According to public records, the previous owner was OTR of Carlsbad, CA. The sales price was undisclosed, but the 1990-built retail center has an appraised value of $30.4 million. The buy was financed with a 3.85% first-mortgage loan from Protective Life Insurance Co.

The property is at 501 Buford Highway, at the corner of State Highways 20 and 400, in Cumming, GA. The town is in the Atlanta metro area.