Wheeler Real Estate Investment Trust, Inc. Announces Assumption of Contract to Acquire 67,177 Square Foot Retail Center in Le...
September 26 2014 - 8:30AM
Business Wire
- Contemplated acquisition will increase
Wheeler's presence in Kentucky to 2 properties.
- Property is 100% 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 Bryan Station, a 67,177 square foot retail center for a
purchase price of approximately $6.1 million, or $90.80 per
leasable square foot. 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 retail center located
in Lexington, KY. (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“We are pleased to announce the assumption of the contract to
acquire Bryan Station, which we expect to acquire with capital
raised from our recent offering and bank debt at very favorable
terms. The property is 100% leased by nationally and regionally
known tenants, located in a secondary market and is shadow anchored
by a Kroger Grocery Store. In addition, Bryan Station is in close
proximity to the largest college in the state and is located in a
heavily traveled area. We anticipate acquiring Bryan Station at a
discount to replacement cost and are confident that this location
will generate a solid return. This acquisition represents another
example of our organization’s ability to quickly deploy capital in
strong, stable markets.”
Bryan Station is a retail center located in Lexington, Kentucky,
at the intersection of Bryan Station Road and New Circle Road, a
Kentucky state highway that serves as an inner beltway around the
city of Lexington. The property is in close proximity to
interstates I-64 and I-75 as well as less than 5 miles northeast of
the University of Kentucky and the city of Lexington.
Bryan Station - Lexington,
Kentucky
Built in 1995, Bryan Station is a 67,177 square foot retail
center. In addition to being shadow anchored by the Kroger Grocery
Store anchor tenants include a Planet Fitness as well as a Shoe
Carnival, which occupy approximately 47% of the property’s total
gross leasable area. The property is currently 100% occupied with
the remaining space also leased to national and regional tenants
including Rent a Center and Cato Fashion.
Location / Demographic
Information
Lexington, Kentucky consolidated into one unified jurisdiction
with Fayette County is the second-largest city in the Commonwealth
of Kentucky. As of 2013, the city's population was 308,428, with
the population of the anchoring metropolitan area totaling 489,435
people.
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/20140926005119/en/
Wheeler Real Estate Investment Trust
Inc.Robin Hanisch, 757-627-9088Corporate
Secretaryrobin@whlr.usorLaura Nguyen, 757-627-9088Director of
Marketinglnguyen@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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