Wheeler Real Estate Investment Trust, Inc. Acquires Three Retail Development Properties for $4.2 Million
August 19 2014 - 8:30AM
Business Wire
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 three development properties
for an acquisition value of $4.2 million. The three assets were
acquired from Development Fund I, LLC, an affiliate of the Company,
and were paid for using a combination of cash and the assumption of
debt. The Company plans to develop the parcels into future retail
properties.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
"We are very pleased to close on these three retail-focused
development properties. The parcels of land are prime examples of
the broad pipeline of locations available for us to develop in
secondary and tertiary markets and are located in growing
communities in which our team already has strong relationships. We
view this as an opportunity to establish and grow the development
portion of the REIT while adding value to the Company over the long
term.”
Development Properties
The three undeveloped properties consist in total of
approximately 55.2 acres of land located in Edenton, North
Carolina; Moyock, North Carolina; and Courtland, Virginia. Each of
the assets is located in commercial zones.
Edenton Commons is a 52.9 acre parcel located at the
intersection of US Highway 17 and North Carolina Highway 32 in
Edenton, North Carolina. The land can accommodate a 210,000 square
foot retail space as well as an additional 89,835 square feet in
small shop retailers.
Tull's Creek is a 1.28 acre parcel located in Moyock, North
Carolina on US Highway 168, a major connection from the north to
the Outer Banks of North Carolina. The land can accommodate a 9,000
square foot building and neighboring retail includes a Food Lion
grocery store and Dollar Tree as well as several other nationally
known merchants.
Courtland Commons is a 1.01 acre parcel located in Courtland,
Virginia off of US Route 58 (Southampton Parkway), an east to west
U.S. Highway that runs slightly northwest of Harrogate, Tennessee
to Virginia Beach, Virginia. The land is suitable for an 8,400
square foot freestanding building or strip center and is adjacent
to a Food Lion grocery store.
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 the anticipated
accretive nature of these properties 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.
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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