Wheeler Real Estate Investment Trust, Inc. Completes the Acquisition of New Market Crossing Located in Mt. Airy, North Caroli...
December 21 2016 - 8:05AM
Center is anchored by regional grocer, Lowes Food
Store, a first for the Wheeler portfolio.
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”), a fully-integrated,
self-managed commercial real estate investment company focused on
acquiring and managing income-producing retail properties with a
primary focus on grocery-anchored centers, today reported that the
Company has closed on the acquisition of New Market Crossing
(“Property” or “Center”), a grocery-anchored shopping center
previously announced as an acquisition target.
New Market Crossing is located in Mt. Airy, NC. The
Property, a 116,976 square foot center, is anchored by a 54,838
square foot Lowes Food Store (“Lowes Foods”) and a 32,000 square
foot Roses. Lowes Foods has 9 years remaining on their term. The
Center is 93% leased and occupied.
Total acquisition price of the Property was $9.0
million, or $76.93 per leasable square foot, which the Company
financed using a combination of cash and the Company’s Key Bank
credit facility with an interest rate of 30 day LIBOR plus 250
basis points. The cap rate on New Market Crossing was 9.16%, and
the loan-to-value was 65%.
Jon S. Wheeler, Chairman and Chief Executive
Officer of Wheeler, stated, “I am pleased to announce that New
Market Crossing will be our twenty second acquisition for 2016. I
am very familiar with this asset, as well as the Mt. Airy market,
and feel this center will enhance our portfolio nicely. We
add a new grocer to the portfolio, Lowes Foods, thereby lessening
our exposure to any one specific tenant and further diversifying
our tenant base. We still believe that we are on the cusp of
reaching our goal of covering our $0.21 dividend and feel that the
addition of this acquisition pushes us closer to obtaining that
goal by year end.”
About Wheeler Real Estate Investment
Trust Inc.Headquartered in Virginia Beach, VA, Wheeler
Real Estate Investment Trust, Inc. is a fully-integrated,
self-managed commercial real estate investment company focused on
acquiring and managing income-producing retail properties with a
primary focus on grocery-anchored centers. Wheeler’s portfolio
contains well-located, potentially dominant retail properties in
secondary and tertiary markets that generate attractive
risk-adjusted returns, with a particular emphasis on
grocery-anchored retail centers.
Additional information about Wheeler Real Estate
Investment Trust, Inc. can be found at the Company’s corporate
website: www.whlr.us.
Forward-looking StatementThis
press release may contain “forward-looking” statements as defined
in the Private Securities Litigation Reform Act of 1995. When the
Company uses words such as “may,” “will,” “intend,” “should,”
“believe,” “expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. The Company’s expected results
may not be achieved, and actual results may differ materially from
expectations. Specifically, the Company’s statements regarding: (i)
the future generation of financial returns from the acquisition of
the Center and/or other ‘necessity based’ retail focused
properties; (ii) the Company’s anticipated ability to produce
returns and growth for the Company and its shareholders; and (iii)
the Company’s anticipated ability to cover a $0.21 dividend are
forward-looking statements. These statements are not guarantees of
future performance and are subject to risks, uncertainties and
other factors, some of which are beyond our control, are difficult
to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
For these reasons, among others, investors are cautioned not to
place undue reliance upon any forward-looking statements in this
press release. Additional factors are discussed in the Company's
filings with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward‐looking statements to
reflect events or circumstances that arise after the date
hereof.
CONTACT:
Wheeler Real Estate Investment Trust, Inc.
Wilkes Graham
Chief Financial Officer
(757) 627-9088
wilkes@whlr.us
Laura Nguyen
Director of Capital Markets
(757) 627-9088
lnguyen@whlr.us
Robin Hanisch
Corporate Secretary
(757) 627-9088
robin@whlr.us
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