Wheeler Real Estate Investment Trust, Inc. to Purchase Free-Standing Retail Property for $10.6 Million
February 11 2013 - 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 contracted to purchase Bixby Commons, a
75,000 square foot free-standing retail property, for a purchase
price of approximately $10.6 million, or $141.33 per square foot.
The Company is conducting the due diligence process and anticipates
the contract will close in the second quarter.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) is under contract to purchase Bixby Commons, (photo
above) a free-standing retail property based in Bixby, OK. The
property is guaranteed by national wholesaler, Associated Wholesale
Grocers, Inc. 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
Associated Wholesale Grocers, Inc “Associated”, a retailer-owned
cooperative serving over 1,900 retail member stores with a complete
assortment of grocery and general merchandise items. Associated
subleases the property to Reasor’s Foods, one of the state’s
largest grocers with 17 locations throughout Oklahoma. With this
purchase, Wheeler will have twelve properties in six states across
the Mid-Atlantic, Southeast and Midwest.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“The close of this transaction will mark Wheeler’s fourth and
largest purchase since our IPO in November and we are extremely
proud of this opportunity. We secured the right to purchase Bixby
Commons under favorable purchase terms and preliminary indications
are that attractive financing terms will be available on this
property. We feel that Bixby Commons will be the perfect complement
to our existing portfolio and are excited with the possibility of
adding this property to our portfolio. We believe that Bixby
Commons is a prime example of the steady pipeline of ‘necessity
shopping’ based properties for purchase at favorable prices in the
markets we are targeting.”
Bixby Commons – Bixby,
OklahomaBixby Commons is a 75,000 square foot
supermarket located in one of fastest growing communities in the
state.
The property was built in 2011 and is leased by Associated, a
national grocery wholesaler. The initial term of the lease will be
20 years and expires in 2033, with four five-year options to
renew.
Location / Demographic
InformationBixby, OK has a population of 20,954 and is
located in Tulsa County which is in Northeast Oklahoma
approximately 30 miles from Tulsa.
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
StatementWheeler 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
anticipated closing of the purchase of the property referenced
herein and the anticipated profitability of such acquired property
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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