Wheeler Real Estate Investment Trust, Inc. Announces Acquisition of Twin City Crossing Shopping Center for $4.5 Million
December 20 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 Twin City Crossing, a
grocery-anchored shopping center for a purchase price of
approximately $4.5 million, or $94 per leasable square foot.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) acquired Twin City Crossing Shopping Center, based
in Batesburg-Leesville, SC (photo above). Additional information on
the property can be found at the Company's website: www.whlr.us.
(Photo courtesy of Wheeler)
Twin City Crossing is located in Batesburg-Leesville, South
Carolina, approximately 30 miles southwest of Columbia, SC. With
the addition of Twin City Crossing Wheeler has expanded its
geographic footprint to 5 states, including Virginia, North
Carolina, South Carolina, Florida, and Oklahoma. The property is
100% leased through April 2014, and marks the second acquisition
that the Company has made using the proceeds of its initial public
offering ("IPO"), which was completed in November 2012.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“Twin City Crossing fits Wheeler’s acquisition criteria perfectly
as a grocery-anchored shopping center with a stable tenant base in
a community-driven, tertiary market. We acquired the property at a
significant discount to its estimated replacement cost, favorable
capitalization rate, and expect it to be immediately accretive to
our net operating income. We were particularly pleased to secure a
property with such a well-known and secure anchor tenant in Bi-Li
Grocery, whose rent will cover approximately 168% of our debt
service on the entire property. We feel Twin City Crossing, along
with our previously announced acquisition of a free-standing
property in Grove, Oklahoma, is a great first step in executing
Wheeler’s acquisition strategy. We believe that there is a steady
pipeline of ‘necessity shopping’ centers for purchase at favorable
prices in the markets we are targeting. We look forward to keeping
investors apprised of our progress.”
Twin City Crossing -
Batesburg-Leesville, South Carolina
Twin City Crossing is a 47,680 square-foot grocery anchored
retail center located on over 6 acres of land off of US Highway 1
(15,600 cars per a day) in Batesburg-Leesville, South Carolina.
The center was built in 1998 and has been 100% leased since
2004. The tenant base includes well-known grocery anchor Bi-Lo
Grocery, which comprises approximately 88% of the center’s gross
leasable area and has 9 years on their current lease term. The
remaining units include nationally recognized tenants Subway and
Advance America.
Center Expansion
Opportunities
The center has potential for expansion with a build out of an
additional 9,742 square feet, with additional room for kiosks in
the property’s parking lot.
Location / Demographic
Information
Batesburg-Leesville is located in Lexington County, SC, with
population of approximately 10,433 within a five-mile radius of the
shopping center. Twin City Crossing is located on US Highway 1 with
excellent access and visibility.
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 10 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.
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http://www.businesswire.com/multimedia/home/20121220005494/en/
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