Wheeler Real Estate Investment Trust, Inc. Announces Acquisition of Free-Standing Retail Property for $4.55 Million
December 18 2012 - 8:30AM
Business Wire
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”), a company specializing in owning,
acquiring, financing, developing, renovating, leasing and managing
income producing assets, such as community centers, neighborhood
centers, strip centers and free-standing retail properties,
announced today that it has purchased a 31,705 square foot
free-standing retail property for a purchase price of approximately
$4.55 million, or equal to $143.50 per square foot.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) acquired a free-standing retail property based in
Grove, OK. The property is guaranteed by regional merchant, Harps
(photo above). Additional information on the property can be found
at the Company's website: www.whlr.us. (Photo courtesy of
Wheeler)
The property is stabilized by a 20-year, triple-net lease with
Harps Food Stores (Harps), one of the grocery industry’s most
recognized independent chains with over 65 locations throughout
Oklahoma, Arkansas, and Missouri. The property is located in Grove,
a city in Northeast Oklahoma approximately 90 miles from Tulsa.
With this purchase, Wheeler now has nine properties in four states
across the Southeast and Midwest.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“We are very pleased to have closed on the first acquisition since
our IPO. We are delighted to have acquired a property with a
well-known tenant in Harps, favorable lease terms, and in a strong
location that operates as the primary grocery store for the entire
community. We feel that this property is an excellent and stable
addition to Wheeler’s growing portfolio of grocery–anchored
properties, situated as the primary location for necessity shopping
in secondary and tertiary markets.”
Grove, Oklahoma
The Grove, Oklahoma location is a 31,705 square foot
free-standing retail property located on one of the city’s main
streets.
The property was built in and is leased by regional merchant,
Harps. The initial term of the lease is 20 years and expires in
June 2032, with four five-year options to renew.
Location / Demographic
Information
Grove is located in Delaware County, OK, which has a population
of approximately 41,487.
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. specializes in owning, acquiring, financing,
developing, renovating, leasing and managing income producing
assets, such as community centers, neighborhood centers, strip
centers and free-standing retail properties. Wheeler’s portfolio
contains nine strategically selected properties, primarily leased
by nationally and regionally recognized retailers of consumer goods
and located in the Mid-Atlantic, Southeast and Southwest regions of
the United States.
Additional information about Wheeler Real Estate Investment
Trust, Inc. can be found at the Company’s corporate website:
www.whlr.us.
Forward looking
Statement
Wheeler Real Estate Investment Trust, Inc. (the "Company")
considers portions of the information in this press release
relating to its business operations contemplated acquisition
strategy to be forward‐looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, both as amended. Although the
Company believes that the expectations reflected in such
forward‐looking statements are based upon reasonable assumptions,
it can give no assurance that its expectations will be achieved.
For this purpose, any statements contained herein that are not
historical fact may be deemed to be forward‐looking statements.
Specifically, the Company's statements regarding the availability
of suitable acquisition targets and the Company's ability to
identify and negotiate such acquisition targets are forward-looking
statements. There are a number of important factors that could
cause the Company's operations to differ from those indicated by
such forward‐looking statements, including, among other factors,
local conditions such as oversupply of space or a reduction in
demand for real estate in the area; competition from other
available space; dependence on rental income from real property;
the loss of, significant downsizing of or bankruptcy of a major
tenant; constructing properties or expansions that produce a
desired yield on investment; the Company's ability to renew or
enter into new leases at favorable rates; its ability to buy or
sell assets on commercially reasonable terms; its ability to
complete acquisitions or dispositions of assets under contract; its
ability to secure equity or debt financing on commercially
acceptable terms or at all; the Company's ability to enter into
definitive agreements with regard to its financing and joint
venture arrangements or its failure to satisfy conditions to the
completion of these arrangements and the success of its capital
recycling strategy. For additional factors that could cause the
operations of the Company to differ materially from those indicated
in the forward‐looking statements, please refer to 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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20121218005240/en/
Wheeler Real Estate Inve... (NASDAQ:WHLR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wheeler Real Estate Inve... (NASDAQ:WHLR)
Historical Stock Chart
From Jul 2023 to Jul 2024