Wheeler Real Estate Investment Trust, Inc. to Acquire 156,834 Square Foot Shopping Center in Stockbridge, Georgia
June 06 2014 - 8:30AM
Business Wire
- Anticipated acquisition will expand
Wheeler’s presence to two properties in Georgia
- Property is 95.5% leased
- Upon acquisition, Wheeler will own or
have under contract 26 properties in 10 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 the contract to
acquire Freeway Junction for a purchase price of approximately
$10.5 million, or $66.63 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) is expected to acquire Freeway Junction, a shopping
center located in Stockbridge, Georgia. (Photo: Business Wire)
Freeway Junction is a 156,834 square foot shopping center
located in Stockbridge, Georgia, which is approximately 16 miles
southeast of Atlanta. The shopping center is situated on Highway
138, which averages 47,360 vehicles per day and is in close
proximity to Interstate 675, an auxiliary interstate highway off of
I-75 that travels through the southeast part of the Atlanta
metropolitan area.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“Freeway Junction will make an excellent addition to our property
portfolio. The property is centrally located in a secondary market,
a high occupancy rate with strong anchor tenants that create
opportunities for cross-shopping by the center’s customers. We
expect to acquire Freeway Junction at an attractive price per
square foot and under favorable financing terms that, in turn, is
expected to generate additional revenue for the Company and deliver
a strong return on our investment.”
Freeway Junction – Stockbridge,
Georgia
Built in 1987, Freeway Junction is a 156,834 square foot
shopping center that was renovated in 2005. The center is 95.5%
leased and is anchored by Northern Tool, Goodwill, Ollie’s and
Farmer’s Furniture. The four anchor tenants represent over 70% of
the center’s gross leasable area with the remaining occupied space
leased to nationally and regionally known tenants that include Cato
Fashion, Citi Trends, and Jackson-Hewitt. The center is adjacent to
Kohl’s, Lowes, Wal-Mart and Kroger.
Location / Demographic
Information
Stockbridge is part of the Atlanta metropolitan area and has a
population of 25,637. The city is located in Henry County, Georgia,
which is the tenth fastest growing county in the nation.
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
acquisition of Freeway Junction and the anticipated profitability
of such potential acquisition 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/20140606005126/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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