Wheeler Real Estate Investment Trust, Inc. Announces Acquisition of Surrey Plaza for $2.3 Million
December 26 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 Surrey Plaza, a
grocery-anchored shopping center for a purchase price of
approximately $2.3 million, or $53 per leasable square foot. The
property was purchased from Wheeler Interest, LLC, an affiliate of
the Company and paid for using a combination of proceeds from the
Company’s initial public offering ("IPO"), completed November 2012,
and the issuance of operating partnership units.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) acquired Surrey Plaza, based in Hawkinsville, GA.
Additional information on the property can be found at the
Company's website: www.whlr.us. Photo courtesy of Wheeler.
Surrey Plaza is located in Hawkinsville, Georgia, approximately
45 miles south of Macon. The property is located along the
well-traveled Golden Isles Parkway, connecting I-95 and I-75 across
Southeastern Georgia. With the addition of Surrey Plaza, Wheeler’s
portfolio includes 11 properties, located in Virginia, North
Carolina, South Carolina, Florida, Oklahoma, and now Georgia.
Surrey Plaza marks the third acquisition that the Company has made
since its IPO.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“Surrey Plaza makes a great addition to our portfolio, as it is
100% leased, grocery-anchored, includes vacant outparcels that may
provide value add opportunities, and includes a large shadow anchor
(Ace Hardware) that has historically helped to drive traffic to
this particular submarket. We believe that this transaction fits
our acquisition criteria and provides an excellent opportunity for
the Company to increase value for our shareholders while maximizing
the use of the proceeds from our IPO. We are pleased with the
Company’s effort and fully expect that this momentum will continue
well throughout the new year.”
Surrey Plaza – Hawkinsville,
GA
Surrey Plaza is a 42,680 square-foot grocery anchored retail
center located just south of the intersection of US Highway 341
(5,510 cars per a day) and US Highway 129 (4,930 cars per a day) in
Hawkinsville, GA. The center was built in 1993 and is 100% leased.
The tenant base include well-known grocery / retail anchors
Harvey’s Supermarket and Rite-Aid, which comprise approximately 86%
of the center’s gross leasable area.
Expansion Opportunities
Located in the property’s parking lot are two vacant outparcels
that total an additional 63,161 square feet of leasable area.
Location / Demographic
Information
Hawkinsville is located in Pulaski County, Georgia, with
population of approximately 8,153 within a five-mile radius of the
plaza.
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 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/20121226005060/en/
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