Wheeler Real Estate Investment Trust, Inc. to Acquire 60,048 Square Foot Shopping Center in Harrodsburg, Kentucky
May 28 2014 - 4:05PM
Business Wire
- Acquisition will expand Wheeler’s
geographic footprint into Kentucky
- Property is 97% leased
- Upon acquisition, Wheeler will have 24
properties in 9 states
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 to acquire
Harrodsburg Marketplace, a 60,048 square foot shopping center for a
purchase price of approximately $5.0 million, or $83.27 per
leasable square foot. Wheeler intends to use a combination of cash
and debt to pay for the property and will assume the contract from
Wheeler Interests, LLC, an affiliated company.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) has assumed the contract to acquire Harrodsburg
Marketplace, a shopping center located in Harrodsburg, KY. (Photo:
Business Wire)
The property is grocery-anchored by nationally known supermarket
retailer Kroger and is located in Harrodsburg, Kentucky on U.S.
Route 127, an interstate highway that runs north to south in the
eastern half of the United States. Harrodsburg Marketplace is
approximately 30 miles southwest of Lexington, Kentucky.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“Harrodsburg Marketplace is centrally located in a prime location
with the adjacent stores drawing traffic into the area and acting
as the retail ‘hub’ of the town. We intend to acquire Harrodsburg
Marketplace under favorable terms that will generate returns and be
accretive to our bottom line. Upon closing, we also will begin to
explore expansion possibilities with the center that will further
increase value for our shareholders. We are excited about this
acquisition and feel that this property is a great way to start
building Wheeler’s presence in Kentucky.”
Harrodsburg Marketplace – Harrodsburg,
Kentucky
Built in 1995, Harrodsburg Marketplace is a 60,048 square foot
shopping center that was renovated in 2001. The property is 97%
leased and is occupied by nationally and regionally known retailers
and restaurant tenants that include Arby’s, AT&T, Cato Fashion
and First American Cash Advance. The property is grocery-anchored
by Kroger who has built a fuel center on the property and remodeled
the entranceway to the grocery store. The shopping center is
shadow-anchored by Wal-Mart and Save-A-Lot.
Location / Demographic
Information
Named one of Kentucky’s “Best Small Towns”, Harrodsburg is a
popular tourist destination that was the first city formally
chartered in what later became the Commonwealth of Kentucky.
Harrodsburg has also been honored as the oldest permanent American
settlement west of the Appalachians. The city is located in Mercer
County, which, as of the 2010 census, had a population of
21,331.
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 the current
acquisition or 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/20140528006633/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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