Wheeler Real Estate Investment Trust, Inc. Announces Assumption of Contract to Acquire 80,435 Square Foot Shopping Center in ...
May 08 2014 - 8:30AM
Business Wire
- Contemplated acquisition will expand
Wheeler’s presence to 7 properties in South Carolina
- Property is 93.5% leased
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 the Company has assumed a contract previously
entered into by Wheeler Interests, LLC, an affiliated company, to
acquire the Cypress Shopping Center, a 80,435 square foot grocery
anchored shopping center for a purchase price of approximately $8.3
million, or $103 per leasable square foot. The potential
acquisition will increase the Company’s total property count to 24
and total gross leasable area (“GLA”) to 1,375,007 square feet. The
Company anticipates that it will acquire the property using a
combination of cash and debt.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) assumes contract to acquire a shopping center
located in Boiling Springs, SC (photo above). Additional
information on the property can be found at the Company's website:
www.whlr.us. Photo courtesy of Wheeler.
The shopping center is located in Boiling Springs, South
Carolina, at the intersection of Old Furnace Road and Boiling
Spring Road which averages 24,600 vehicles per day. The property is
approximately 8 miles northwest of Spartanburg and 35 miles east of
Greenville with immediate access to I-85, a major interstate
highway in the southeastern part of the United States.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“We are pleased to announce the assumption of the contract to
acquire the Cypress Shopping Center. Upon acquisition, the center
will make a great addition to our portfolio, as it is over 93%
leased by nationally and regionally known tenants, located in a
tertiary market and includes large shadow anchors that historically
helped drive traffic to the area. We view the Cypress Shopping
Center as a prime example of the pipeline of ‘necessity-based’
properties that are available and believe that this transaction
will generate strong returns and add value for our
shareholders.”
Cypress Shopping Center – Boiling
Springs, South Carolina
Built in 1999, the Cypress Shopping Center is 80,435 square feet
and is anchored by a Bi-Lo grocery store and Dollar General Store.
The property is 93.5% leased and is occupied by nationally and
regionally known tenants that include UPS, Little Caesars, Subway,
Verizon and H&R Block. The property is adjacent to Wal-Mart and
Lowes.
Location / Demographic
Information
Boiling Springs is located in Spartanburg County, South
Carolina, which has a population of 284,307 and is included in the
Spartanburg, South Carolina Metropolitan Statistical Area.
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 Northeast, 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 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 forward‐looking statements to
reflect events or circumstances that arise after the date
hereof.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140508005755/en/
Wheeler Real Estate Investment Trust,
Inc.Robin Hanisch, 757-627-9088Corporate
Secretaryrobin@whlr.usorInvestor Relations:The Equity Group Inc.Terry Downs,
212-836-9615Associatetdowns@equityny.comorAdam Prior,
212-836-9606Senior Vice-Presidentaprior@equityny.com
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