Wheeler Real Estate Investment Trust, Inc. Announces Acquisition of Free-Standing Retail Property in Virginia Beach, Virginia
October 22 2013 - 8:30AM
Business Wire
- 100% leased by nationally known
tenants, Starbucks Coffee and Verizon Wireless
- Acquisition expands Wheeler’s
geographic footprint to six properties in Virginia
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 acquired a free standing retail
property for a purchase price of approximately $1.4 million, or
$250 per leasable square foot. The property was purchased from
Fairfield Investors, LLC, an affiliate of the Company, and has been
paid for through the assumption of debt and the issuance of
partnership units by the Company’s operating partnership.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) acquires a free-standing retail property located in
Virginia Beach, VA (photo above). The property is partially leased
by nationally known tenants Starbucks Coffee and Verizon Wireless.
Additional information on the property can be found at the
Company's website: www.whlr.us. Photo courtesy of Wheeler.
The property is located at the intersection of Providence and
Kempsville Roads and is in close proximity to I-64, a major
interstate that travels through the eastern part of the United
States. The property is adjacent to the Fairfield Shopping Center
in Virginia Beach, Virginia.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“We believe that the Starbucks/Verizon property makes a great
addition to our portfolio, as it is 100% leased by nationally known
tenants, and includes large shadow anchors such as TJ Maxx and Food
Lion that drive traffic to the property. With the addition of this
property, our portfolio will include 16 assets located in seven
states. We believe that this transaction fits our acquisition
criteria and provides an excellent opportunity for the Company to
increase value for our shareholders.”
Starbucks/Verizon - Virginia Beach,
Virginia
The 5,600 square foot free standing property was built in 1985
and underwent significant renovations in 2012. The property is 100%
leased by Starbucks Coffee and Verizon Wireless, who will occupy
2,165 square feet and 3,435 square feet, respectively. Under the
initial terms, Starbucks’ lease will expire in 2023 with three
five-year options to renew, while Verizon Wireless’ lease will
expire in 2022 and will also offer three five-year options to
renew.
Location / Demographic
Information
Virginia Beach is an independent city located in Princess Anne
County, Virginia and has a population of 447,489, making it the
most populous city in the Commonwealth of Virginia. Virginia Beach
is home to a number of United States Military bases that include:
the United States Navy's NAS Oceana and Training Support Center
Hampton Roads, and the Joint Expeditionary Base East located at
Cape Henry.
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 and 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 acquisition
referenced herein and any potential future acquisitions and the
anticipated profitability of such 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 forward‐looking statements to
reflect events or circumstances that arise after the date
hereof.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20131022005344/en/
Wheeler Real Estate Investment Trust,
Inc.Robin Hanisch, 757-627-9088Corporate
Secretaryrobin@whlr.usorInvestor Relations:The Equity Group Inc.Adam Prior,
212-836-9606Vice-Presidentaprior@equityny.comorTerry Downs,
212-836-9615Account Executivetdowns@equityny.com
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