Protective Life Insurance Company has provided a $30 million acquisition loan on the 301,711 sq ft Lakeland Plaza shopping center near Atlanta, Georgia.
The 10-year loan with a 3.85 percent interest rate was provided to a subsidiary of the real estate investment company Preferred Apartment Communities.
The subsidiary purchased the property from an agent of the Board of State Teachers Retirement System of Ohio, which had owned the property since November 1996, county records show.
Joel Murphy, president and CEO of the subsidiary, said in prepared remarks that the company’s strategy is to acquire well positioned grocery-anchored shopping centers in suburban Sunbelt markets like Atlanta.
The three-building Lakeland Plaza at 501 Buford Highway in Cumming, Georgia has at least 23 tenants including Jo Ann, Belk, LA Fitness and Sprouts grocery store, records also show.
Protective Life isn’t the only large lender active in Southeastern retail. This month US Bank provided a $58.54 million loan on the Omni Hotel at The Battery Atlanta, a retail and office development slated as the new home for the Atlanta Braves baseball team.
Landesbank Baden-Wurttemberg (LBBW) provided a $170 million mortgage on a portfolio of six shopping malls, five of which are in Southern Florida and one in Atlanta this April.
Protective Life’s parent company had a total of $68.5 billion in assets by the end of last year, according to a SEC filing. The Preferred Apartment Communities subsidiary, New Market, owns eight grocery-anchored shopping centers in Georgia alone, and 23 throughout the Southeast.
The lender declined to comment, while the borrower did not respond.