Wheeler Real Estate Investment Trust, Inc. Acquires a Free-Standing Retail Property for $11.4 Million
September 25 2013 - 8:45AM
Business Wire
- Principle tenant is Reasorâs Foods, a
regional grocery chain, under a 20-year lease term
- Purchase expands Wheelerâs presence
in Oklahoma to four properties
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(âWheelerâ or the âCompanyâ), 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 the acquisition of a 81,000 square foot
free-standing retail property, for a purchase price of
approximately $11.4 million, or $140.74 per square foot. The
Company acquired the property through a sale-leaseback purchase
contract with Reasorâs Foods.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ:WHLR) acquires a free-standing retail property located in
Jenks, OK (photo above). The property is guaranteed by Reasor's
Foods. Additional information on the property can be found at the
Company's website: www.whlr.us. Photo courtesy of Wheeler.
The property is secured by a 20-year, single-net lease expiring
in 2033 with Reasorâs Foods, one of the stateâs largest grocers
with 17 locations throughout Oklahoma. With this purchase, Wheeler
will have fifteen properties in seven states across the
Mid-Atlantic, Southeast and Midwest.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
âWe believe that the acquisition of Jenks Reasorâs is
consistent with our strategy of acquiring retail focused properties
with a stable tenant in a community-driven, tertiary market. This
acquisition expands our presence in the growing Tulsa market, and
we believe will help provide a strong return on our
investment.â
Jenks Reasorâs â Jenks,
Oklahoma
Built in 2011, Jenks Reasorâs is an 81,000 square foot free
standing property and is located in one of fastest growing
communities in the state.
The property is leased by Reasorâs Food an employee owned,
regional grocery chain. The initial term of the lease will be 20
years and expires in 2033, with four five-year options to
renew.
Location / Demographic
Information
Jenks, Oklahoma has a population of 16,924 and is located in the
metropolitan area of Tulsa County in the northeastern part of the
state 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. Wheelerâs 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 Companyâs 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 potential future
acquisitions and the anticipated profitability of such potential
acquisitions 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 forwardâlooking statements to
reflect events or circumstances that arise after the date
hereof.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20130925005830/en/
Wheeler Real Estate Investment Trust,
Inc.Robin Hanisch, 757-627-9088robin@whlr.usCorporate
SecretaryorINVESTOR RELATIONS:The Equity
Group Inc.Adam Prior,
212-836-9606aprior@equityny.comVice-PresidentorTerry Downs,
212-836-9615tdowns@equityny.comAssociate
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