Hines REIT Begins Property Selloff

Preferred Apartment Communities Buys 7 Grocery-Anchored Centers; Fortis Buys Chase Tower

Hines Real Estate Investment Trust Inc. has begun proceeding with its plan of liquidation.

This week, Preferred Apartment Communities Inc. acquired seven grocery-anchored shopping centers with 650,400 rentable square feet in Georgia, Florida, Texas and North Carolina for $158 million, about $243/square foot. Preferred purchased the properties through its wholly-owned subsidiary New Market Properties LLC.

Last week, Fortis Property Group, a Brooklyn, NY-based investor, acquired the signature Chase Tower at 2200 Ross Ave. in downtown Dallas from Hines REIT for an estimated $285 million.

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