Company Provides Portfolio Update
- Five properties are grocery anchored by
nationally known tenant Food Lion
- Acquisition expands Wheeler’s presence
in South Carolina to six properties
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) announced today that the Company has
assumed and closed contracts previously entered into by Wheeler
Interests, LLC, an affiliated company, to acquire five grocery
anchored shopping centers totaling approximately 261,689 square
feet, for a combined acquisition price of $15.8 million, or $60.38
per square foot. The property portfolio has an average occupancy
rate of 91% and was acquired using a combination of cash and
debt.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ:WHLR) will acquire five additional grocery-anchored
shopping centers located in South Carolina, which includes Clover
Plaza (photo above). (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer commented,
“I am very pleased to announce the acquisition of these properties.
We feel that these properties are the perfect compliment to our
existing portfolio, as they are necessity-based shopping centers
located in tertiary markets with an average occupancy rate of 91%.
Since going public in November 2012, the Company has almost tripled
the number of properties in its portfolio, maintained above average
occupancy rates, and delivered consistent monthly dividends to
shareholders. We expect this momentum to continue into 2014 and
feel that the acquisition of this portfolio is a great way to close
our book of business for the calendar year.”
Clover Plaza
Clover Plaza is a 45,575 square-foot retail shopping center
located Clover, South Carolina. The property is located in York
County, in close proximity to the North Carolina border, just south
of I-85. York County has a population of 226,073.
The shopping center is 100% leased and is anchored by a Food
Lion grocery store, with nationally recognized tenants Subway and
Pizza Hut also occupying the center. The shopping center was
acquired for approximately $1.6 million, or $35.11 per square
foot.
South Square
South Square is a 44,350 square-foot retail shopping center
located in Lancaster, South Carolina, which has a population of
approximately 75,000 and is located in the northeast portion of the
state.
The Food Lion anchored shopping center is 90% occupied by
national tenants that include CVS Pharmacy and Subway. The property
was acquired for approximately $3.2 million or $72.15 per square
foot.
St. George Plaza
St. George Plaza is a 59,279 square-foot shopping center located
in Dorchester County, which has a population of 136,555. St. George
Plaza is located directly off of I-95 on Highway 78, a 715 mile
thoroughfare that connects Memphis, Tennessee to Charleston, South
Carolina.
The shopping center is 86% leased and is grocery anchored by
Food Lion subsidiary, Reid’s Groceries, and additional tenants
include Family Dollar. The shopping center was acquired for
approximately $3.6 million, or $60.73 per square foot.
Waterway Plaza
Waterway Plaza is a 49,750 square-foot shopping center located
approximately 37 miles northeast of Myrtle Beach. Waterway Plaza is
in Little River, South Carolina, and a part of Horry County, which
has a population of 269,291.
The shopping center is 98% leased and is also grocery anchored
by Food Lion. Additional national and regional tenants include
Jackson Hewitt, Pizza Hut and Family Dollar. Waterway Plaza was
acquired for approximately $3.6 million, or $72.36 per square
foot.
Westland Square
Westland Square is a 62,735 square-foot grocery anchored
shopping center located in West Columbia, South Carolina. The
property is located in Lexington County, and in close proximity to
I-26, which travels northwest to southeast and connects Kingsport,
Tennessee to Charleston, South Carolina.
Westland Square is 83% leased and tenants include Food Lion,
Family Dollar and Check ‘n Go. The property was acquired for
approximately $3.8 million, or $60.57 per square foot.
Property Portfolio
Update
With the acquisition of the five shopping centers, the Company
now has 23 locations in eight states.
Property Overview (as of
12/24/2013)
Property Location Year
Built/Renovated GLA % Leased Amscot
Building Tampa, FL 2004 2,500 100%
Bixby Commons Bixby, OK 2011 75,000
100% Clover Plaza Clover, SC 1990 45,575
100% Forrest Gallery Tullahoma, OK 1987
214,451 91% Harps Food Store Grove, OK 2012
31,500 100% Jenks Plaza Jenks, OK 2007
7,800 100% Lumber River Village Lumberton, NC
1985/1997-98/2004 66,781 100% Monarch Bank
Virginia Beach, VA 2002 3,620 100%
Perimeter Square Tulsa, OK 1982-1983 58,277
96% Reasor’s Jenks Jenks, OK 2011
81,000 100% Riversedge North Virginia Beach, VA
2007 10,550 100% Shoppes at TJ Maxx
Richmond, VA 1982/1999 93,552 92% South Square
Lancaster, SC 1992 44,350 90% Starbucks
/ Verizon Virginia Beach, VA 1985/2012 5,600
100% St. George Plaza St. George, SC 1982
59,279 86% Surrey Plaza Hawkinsville, GA
1993 42,680 100% Tampa Festival Tampa,
FL 1965/2009/2012 141,628 97% The Shoppes at
Eagle Harbor Carrollton, VA 2009 23,303
100% Twin City Crossing Batesburg-Leesville, SC
1998/2002 47,680 95% Walnut Hill Plaza
Petersburg, VA 1959/2006/2008 89,907 83%
Waterway Plaza Little River, SC 1991 49,750
98% Westland Square West Columbia, SC
1986/1994 62,735 83% Winslow Plaza
Sicklerville, NJ 1990/2009 40,695 91%
Totals 1,298,213 94%
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, (a) the Company's statements regarding potential
future acquisitions (b) the anticipated profitability of such
potential acquisitions and (c) the anticipated stability of the
Company’s dividend payments 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/20131224005092/en/
Wheeler Real Estate Investment Trust
Inc.Robin Hanisch, Corporate Secretary,
757-627-9088robin@whlr.usorINVESTOR RELATIONS:The Equity Group Inc.Adam Prior, Senior
Vice-President, 212-836-9606aprior@equityny.comorTerry Downs,
Associate, 212-836-9615tdowns@equityny.com
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